FinCEN creates confusion over FBAR filing

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On October 14, 2020, one day before the due date for all FBAR (Reports of Foreign Bank and Financial Accounts) filers, the Financial Crimes Enforcement Network (FinCEN) posted a message stating that the deadline for FBAR filings was extended to December 31, 2020. Normally the FBAR is due on April 15th, with an automatic extension granted to October 15th. Taxpayers around the world who were scrambling to get information for their foreign bank accounts breathed a collective sigh of relief. I was even the recipient of an email sharing the post excitedly.

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Unfortunately within 24 hours the message was taken down and replaced with a clarification that the FBAR filing date was actually not extended to December 31st. An extension until December 31st was only meant to apply to victims of recent natural disasters. FinCEN apologized for their mistake and to make up for any confusion they had caused, extended the filing deadline through October 31st.

The above information is general in nature and is not tax advice. Need help on your international tax filings? Reach out to your Henry+Horne tax professional today!

Haley Braun, CPA