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

Time to prepare for overtime changes

As an employer, trusted business adviser, or HR professional, you will need to be aware of exemption guidance, record requirements, advice for clients, and typical problems in applying overtime pay.

QUIZ

News quiz: Good news on pay and benefits for accountants

CPAs can find much to like in recent reports, including news that their expertise and skills are in such demand that pay is expected to rise and that their employers value professional certifications.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.