WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is once again extending the time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings. The latest extension is part of a notice of proposed rulemaking (NPRM) FinCEN issued March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act (BSA) requirements regarding FBARs.
Specifically, one of the proposed amendments would expand and clarify the exemptions for certain U.S. persons with signature or other authority over foreign financial accounts, according to FinCEN.
Addressing Questions
“This proposed amendment seeks to address questions previously raised by members of the public regarding the filing requirement and its application to U.S. persons with signature authority over, but no financial interest in, certain types of foreign financial accounts,” FinCEN said.
On Dec. 9, 2022, FinCEN issued Notice 2022-1 to extend the filing date to April 15, 2024, for the FBAR for certain U.S. individuals with signature authority over, but no financial interest in, one or more foreign financial accounts.
FinCEN has previously issued identical extensions that applied to similarly situated individuals. As stated in previous Notices, FinCEN noted it received questions following prior amendments to the FBAR regulations, which required additional consideration with respect to certain exemptions.
If You Like Notices, You’re in Right Place
“The proposed amendments in the NPRM seek to address these exemptions but, because the proposed rulemaking is not yet finalized, FinCEN is further extending the filing due date to April 15, 2025, for individuals whose filing due date for reporting signature authority was previously extended by Notice 2022-1,” FinCEN said. “This extension applies to the reporting of signature authority held during the 2023 calendar year, as well as all reporting deadlines extended by previous Notices 2022-1, 2021-1, 2020-1, 2019-1, 2018-1, 2017-1, 2016-1, 2015-1, 2014-1, 2013-1, 2012-1 and 2012-2, along with Notices 2011-1 and 2011-2. For all other individuals with a FBAR filing obligation, the filing due date remains April 15, 2024.”
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