The Internal Revenue Service issued Information Release 2020-247 to remind U.S. citizens, entities and resident aliens with a foreign bank or financial account that they have until October 31, 2020, to file their 2019 Report of Foreign Bank and Financial Accounts (FBAR).
By law, the deadline for filing the FBAR is the same as for a federal income tax return. People and entities who miss the April 15 deadline have an automatic extension until October 15 to file the FBAR. This extension is granted without any required action by the U.S. persons or entities.
For 2019 only, for most filers, that deadline is further extended to October 31, 2020. An additional extension was granted to FBAR filers impacted by natural disasters, including the California and Oregon Wildfires, the Iowa Derecho, Hurricane Laura and Hurricane Sally, who continue to have until December 31, 2020, to file their FBARs. The IRS coordinated these extensions with the Financial Crimes Enforcement Network (FinCEN).
The FBAR filing requirement applies to anyone who had an interest in, or signature or other authority, over foreign financial accounts whose aggregate value exceeded $10,000 at any time during calendar year 2019. The FBAR form, FinCEN Form 114, is only available through the BSA E-Filing System website. For more information, see the FBAR Fact Sheet.
Should you have questions or comments, please contact Bob Grossman, or Don Johnston at 412-338-9300.
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