FBAR Deadline Remains April 15

The IRS issued a reminder on April 9, that the deadline for U.S. citizens, resident aliens, and any domestic legal entity to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.

The extension of the federal income tax filing deadline from April 15 to May 17, 2021 does not affect the FBAR requirement. However, filers missing the April 15 deadline receive an automatic extension until October 15, 2021 to file the FBAR.

The Bank Secrecy Act requires U.S. persons to file a FBAR on FinCEN Form 114 if they have:

  1. Financial interest in, signature authority or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund or other financial account outside the United States, and
  2. The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

The FBAR must be filed electronically through the Financial Crimes Enforcement Network’s BSA E-Filing System. It is not filed with your federal tax return. Those who are unable to e-file their FBAR must call FinCEN at 800-949-2732, from outside the U.S. 703-905-3975.

More details and assistance can be found at IRS.gov.

This text is provided with the understanding that ECFA is not rendering legal, accounting, or other professional advice or service. Professional advice on specific issues should be sought from an accountant, lawyer, or other professional.