The October FBAR Extension Deadline is quickly approaching.

Deadline coming up for filing FBAR

The October FBAR Extension Deadline is quickly approaching.

Those who failed to file their FBAR by the deadline of April 15 automatically received a delay until October 15, 2022.

The Internal Revenue Service (IRS) reminds U.S. citizens, resident aliens, and domestic legal entities that the extension deadline for filing their annual Report of Foreign Bank and Financial Accounts (FBAR) is October 15. Filers should consult the Financial Crimes Enforcement Network‘s (FinCEN) website for more information on filing deadlines.

An automatic extension until October 15, 2022, was given to filers who missed the annual due date of April 15 earlier in the year. They didn’t need to ask for an extension.

Who is required to file?

The Bank Secrecy Act requires Americans to file an FBAR if they:

  1. They have a financial interest in, or signature or other authority over, one or more accounts located outside the United States, such as a bank account, brokerage account, mutual fund, or other financial accounts, and
  2. At any point during the calendar year 2021, the total value of all foreign financial accounts exceeds $10,000.

The IRS advises Americans with foreign accounts, even those that are relatively small, to see if they must file a report because of this threshold. Those who are citizens or residents of the country as well as domestic legal entities like partnerships, corporations, limited liability companies, estates, and trusts are all considered to be U.S. people.

How to file

Federal income tax returns are not filed alongside FBARs. The 2021 FBAR must be electronically filed with FinCEN and is only available on the BSA E-Filing System website. To request an alternative filing method, people who are unable to electronically submit their FBAR must contact FinCEN at 800-949-2732 or FRC@fincen.gov. Callers who reside outside the United States can dial 703-905-3975.

Stay away from penalties.

If an accurate FBAR is not submitted on time, it may result in severe civil and criminal penalties, which may include a fine or even jail time, depending on the situation.

The tax laws are very complex. Our short blog articles cannot cover in full all the nuances of the rules. Your specific facts may hold various opportunities and possible risks that only trained, experienced, and highly qualified tax specialists can spot. We encourage you to find such help, rather than trying to figure it all out on your own. Consider giving this marketplace a try by posting your project and signing up here.

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[…] Those who failed to file their FBAR by the deadline of April 15 automatically received a delay until October 15, 2022. The Internal Revenue Service (IRS) reminds U.S. citizens, resident aliens, and domestic legal entities that the extension deadlin  […]

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