Despite recent guidance that carves out limited exceptions, many Report of Foreign Bank and Financial Accounts (FBARs), Form TD F 90-22.1, for calendar year 2010 are still due by June 30, 2011. FBARs must be received by the Department of the Treasury in Detroit by June 30, 2011 in order to be considered timely filed.
The following chart captures some of the deadline extensions issued by the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN):
| FBAR Deadlines | Who Generally Qualifies? | Which FBARs? | Guidance |
| November 1, 2011 | Persons with signature authority over, but no financial interest in, foreign financial accounts | FBARs for calendar years before 2010 that were properly deferred under IRS Notice 2009-62 or IRS Notice 2010-23 | IRS Notice 2011-64 |
| June 30, 2012 | Officers and employees of investment advisors registered with the SEC who have signature or other authority over, but no financial interest in, foreign financial accounts of persons that are not registered investment companies under the Investment Company Act of 1940 | FBARs for calendar 2010 and prior years that were properly deferred under IRS Notice 2009-62 or IRS Notice 2010-23 | FinCEN Notice 2011-2 |
| June 30, 2012 | (1) An employee or officer of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of a controlled person of the entity; or (2) An employee or officer of a controlled person of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of the entity, the controlled person, or another controlled person of the entity. | Any FBARs otherwise due June 30, 2011 – calendar years 2010 and prior years | FinCEN Notice 2011-1 (as revised) |
Source: AICPA Tax Alert
For questions about FBAR filings, please contact Mike Abamovitz at 720-227-0423 or mabramovitz@taxops.com.
