The deadline for filing the Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1 (FBAR) for calendar year 2010 is fast approaching. These reports are due by June 30, 2011. In addition, certain FBARs for calendar year 2009 and prior years may also be due for some filers by June 30, 2011. IRS Notice 2010-23 deferred the deadline to June 30, 2011 to file 2009 and prior year’s FBARs for persons who have signature authority over, but no financial interest in, a foreign financial account.
Due Date and Mailing Requirements
Unlike the rule for tax forms, FBAR must be received by Treasury on or before the June 30th date to be considered timely filed. Therefore, plan to file the FBAR in sufficient time so that the Treasury will receive it on or before June 30, 2011. No extension of time for FBAR filings is permitted, and electronic filing of the form is not yet available.
A revised FBAR form and filing instructions were issued by the Treasury Department in March 2011. The new form should be used by those persons filing for 2010 and by those filing under IRS Notice 2010-23 for 2009 and prior calendar years. A link to the current FBAR form and instructions is available here.
Note: FBAR Extension Alert for Officers and Employees of Financial Firms and Publicly Held Companies
On May 31, 2011, the Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) announced that certain individuals who have only signature authority over a foreign account and are required to file FBARs will receive a one-year extension beyond the upcoming filing date of June 30, 2011. FinCEN issued Notice 2011-1 which extends the deadline until June 30, 2012, for the following individuals:
- An employee or officer of an entity who has signature or other authority over and no financial interest in a foreign financial account of a controlled person of the entity; or
- 2) An employee or officer of a controlled person of an entity who has signature or other authority over and no financial interest in a foreign financial account of the entity or another controlled person of the entity.
The extension was granted to this small group of individuals due to the many questions raised after
FinCEN’s recent finalization of FBAR regulations. All other U.S. persons required to file an FBAR this year are required to meet the June 30, 2011 filing date.
If you have questions on, or need assistance in preparing, the 2010 or prior-year FBARs, please contact Ron Kramer or your Schneider Downs representative.
Schneider Downs provides accounting, tax, wealth management, technology and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA and Columbus, OH.
This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.