OUR THOUGHTS ON:

FBAR Filing Update: Deadline Extended for Certain Financial Professionals

Tax

By Mary Richter

The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department issued FinCEN Notice 2012-2 on December 26, 2012. This Notice further extends the filing deadline that was previously extended until June30, 2013 for certain individuals with signature authority over, but no financial interest in, foreign financial accounts to June 30, 2014.

The deadline was extended for the following individuals:

• an employee or officer of a regulated entity who has signature or other authority over, and no financial interest in, a foreign financial account of another entity more than 50% owned, directly or indirectly, by the regulated entity (a "controlled person");
• an employee or officer of a controlled person of a regulated entity who has signature or other authority over, and no financial interest in, a foreign financial account of the regulated entity or another controlled person of the regulated entity;
• an employee or officer of an investment advisor registered with the Securities and Exchange Commission who has signature or other authority over, and no financial interest in, a foreign financial account of persons who are not investment companies registered under the Investment Company Act of 1940.

The new extension applies to the reporting of signature authority held during the 2012 calendar year, as well as previously extended reporting deadlines. All other US persons required to file an FBAR this year are required to meet the June 30, 2013 deadline.

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