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FBAR Deadline Extended to June 30, 2015


2/5/14

Synopsis

The deadline for filing Reports of Foreign Bank and Financial Accounts for calendar year 2013 for certain U.S. individuals with signature or other authority over but no financial interest in certain types of accounts is extended to June 30, 2015.

Issue

The FinCEN Form 114, which replaced the Treasury Form TD F 90-22.1, (hereinafter, the “FBAR”), should be filed electronically by those U.S. persons who have a financial interest in or signature authority over one or more foreign financial accounts if the aggregate value of such foreign financial accounts exceeds U.S. $ 10,000 at any time during the calendar year. The FBAR should usually be filed on or before June 30th of the year immediately following the calendar year being reported.

However, FinCEN Notice 2013-1 issued on December 17, 2013 extended the due date for filing FBARs to June 30, 2015 for certain individuals with signature or other authority over, but no financial interest in, foreign financial accounts of their employer or a closely related entity. For the FBAR purposes, signature or other authority means the authority of an individual, alone or in association with another, to control the disposition of assets held in a financial account by direct communication to the person with whom the financial account is maintained.

The following officers and employees of the entities listed below, as well as of persons 50 percent or more owned by such entities, will benefit from an extended deadline if they have signature or other authority but no financial interest in the foreign financial accounts of their employer or a controlled entity of their employer:

  • Officers and employees of a bank that is examined by certain authorities
  • Officers and employees of a financial institution that is registered with and examined by certain authorities
  • Officers and employees of an entity registered with and examined by the SEC that provides services to a registered with the SEC investment company
  • Officers and employees of an entity with a class of equity securities or American depository receipts listed on any U.S. national securities exchange
  • Officers and employees of a U.S. subsidiary of a U.S. entity with a class of equity securities listed on a U.S. national securities exchange
  • Officers and employees of an entity that has a class of equity securities or American depository receipts in respect of equity securities registered under section 12(g) of the Securities Exchange Act.*

*See 31 CFR §1010.350(f)(2)(i)-(v) for more information.


Contact

For more information, please contact James Wall, Principal, at 646-254-7460. To learn about CohnReznick’s International Tax Services, visit our webpage.


Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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