Extension for FBAR Filing Deadline for Certain Financial ProfessionalsJune 16, 2011, 06:58 PM
On May 31, 2011, in an effort to increase the accuracy of complying with the Report of Foreign Bank and Financial Accounts (“FBAR”) regulations, the Internal Revenue Service (“IRS”) and the Financial Crimes Enforcement Network (“FinCEN”) granted a one-year extension to a select group of individuals beyond the June 30, 2011 deadline. The new deadline is June 30, 2012 for filing the FBAR form, which reports a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries. The extension applies to the individuals who only have signature authority over certain foreign financial accounts. The Notice (Notice 2011-1) defines the qualifying individuals as those who are either: 1) an employee or officer of a regulated entity (as defined in the FBAR regulations which were finalized on February 24, 2011) who has signature or other authority over and no financial interest in a foreign financial account of another entity more than fifty percent (50%) owned, directly or indirectly by the regulated entity (a “controlled person”); or 2) an employee or officer of a controlled person of a regulated entity who has signature or other authority over and no financial interest in a foreign financial account of the regulated entity or another controlled person of the regulated entity. All other persons that are required to file must comply with the June 30, 2011 deadline. Click here to review the Notice and the press release explaining the extension and those who qualify in more detail.