Thursday, October 15, 2020

FinCEN DOES NOT Extends BAR Deadline for All Filers Until December 31, 2020, but NOW Extends until October 31, 2020

In a one sentence notice, the Financial Crimes Enforcement Network (FinCEN) announced yesterday that it is extending the deadline for filing FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (the “FBAR”), for all filers who had reportable foreign accounts in the year 2019 from today, October 15, until December 31, 2020.

The announcement provides no explanation for the reasons for the extension. Yesterday’s announcement expands FinCEN’s announcement issued on October 6, 2020, which extended the FBAR deadline until December 31, 2020 only for persons located in areas designated by FEMA as qualifying for disaster relief as a result of the California Wildfires, the Iowa Derecho, Hurricane Laura, the Oregon Wildfires, and Hurricane Sally. Yesterday’s announcement applies to all FBAR filers.

FinCEN Withdraws Notice!
Only FBAR Filers in Natural Disaster Area Extended to 12/31/2020!

At approximately 4:26 pm Eastern on October 15, 2020, the Financial Crimes Enforcement Network (“FinCEN”) issued an email blast that its announcement on October 14, 2020 extending the deadline for filing Reports of Foreign Bank and Financial Accounts (FBARs) (FinCEN Form 114) was in error. 

Earlier today, however, the announcement of the extension to December 31, 2020 disappeared from FinCEN’s website with no explanation. It was later replaced by the following announcement

Have an FBAR Problem?

Needless to say, the erroneous announcement on October 14, 2020 led directly to many filers missing the October 15, 2020 filing deadline.

FinCEN then on Friday October 16, 2020 acknowledged its error and apologize for “any confusion this has caused.”  

FinCEN advised that it “coordinated with the IRS to address the concerns of filers who may have missed their filing deadline due to the October 14, 2020 message.”  

Most importantly, FinCEN announced that “filers who file their 2019 calendar year FBAR by October 31, 2020 will be deemed to have timely filed,” and confirmed, once again, that filers who qualify for relief under FinCEN’s October 6, 2020 announcement pertaining to people affected by certain natural disasters have until December 31, 2020 to file their FBARs for the 2019 calendar year.

Want to Know Which OVDP Program is Right for You?
Contact the Tax Lawyers at 
Marini & Associates, P.A. 
for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888) 882-9243

No comments:

Post a Comment