FinCEN Grants Another FBAR Extension for Some Individuals

June 17, 2011

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.


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