FBAR deadline extended to Oct. 31 after confusion

By Alistair M. Nevius, J.D.

After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement Network (FinCEN) has extended the deadline to Oct. 31.

Last Wednesday, FinCEN posted a notice to its website saying that this year’s deadline to e-file calendar year 2019 FBARs on the Bank Secrecy Act (BSA) E-Filing System had been extended from Oct. 15, 2020, to Dec. 31, 2020 (all FBARs must be e-filed). However, on Thursday that notice was no longer available on the FinCEN website and FinCEN had posted a notice clarifying that the extension is only available to victims of recent natural disasters (an extension that had been announced Oct. 6).

On Friday, FinCEN apologized for Wednesday’s mistaken posting and, because some filers may have missed the Oct. 15 deadline due to the notice, announced that it is extending the deadline for calendar year 2019 FBARs to Oct. 31, 2020. (Victims of natural disasters covered by the Oct. 6 notice continue to have a Dec. 31 deadline.)

Alistair M. Nevius, J.D., (Alistair.Nevius@aicpa-cima.com) is the JofA’s editor in chief, tax.

Where to find January’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.