FBAR Deadline Further Extended for Some Financial Pros
The Financial Crimes Enforcement Network has further extended the filing deadline for filing foreign bank account reports for certain financial professionals who have only signature authority over the accounts.
The group, which is part of the Treasury Department, issued FinCEN Notice 2012-1on Tuesday, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, or FBAR, which it said applied to just a small subset of individuals with only signature authority over certain foreign financial accounts, but no financial interest in the accounts. The filing deadline for those individuals previously identified in Notice 2011-1 and Notice 2011-2 has been extended from June 30, 2012 to June 30, 2013. However, FinCEN noted that all other U.S. persons required to file an FBAR this year are required to meet the June 30, 2012 filing date. Unlike federal income tax returns, extensions of time to file FBARs are generally not available.