FinCEN Grants Another FBAR Extension for Some Individuals


The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Friday released Notice 2011-2 , which gives another small subset of individuals with only signature authority over certain foreign financial accounts who are required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), with respect to those accounts a one-year extension beyond the upcoming filing date of June 30, 2011.

 

Notice 2011-2 extends the deadline until June 30, 2012, for “officers and employees of investment advisors registered with the Securities and Exchange Commission with signature or other authority over (but no financial interest in) the foreign financial accounts of persons that are not registered investment companies” under the Investment Company Act of 1940.

 

United States persons with a financial interest in, or signature authority over, any financial accounts (including bank, securities or other types of financial accounts) in a foreign country must file an FBAR if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

 

FinCEN earlier this month issued Notice 2011-1 providing an extension until June 30, 2012, for certain financial professionals. FinCEN said Friday’s release, which supplements FinCEN Notice 2011-1, was issued to facilitate more accurate compliance with the FBAR filing requirements in the wake of the finalization of the FBAR regulations on Feb. 24, 2011.


Also read:


More from the JofA:

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out