FBAR Filing Date Extended – FBAR Penalty Removals
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FinCEN Further Extends FBAR Filing Deadline for Certain Financial Professionals
In the ever changing world of FBAR still another change. Recognizing the need for further study of related questions and concerns, FinCEN today issued Notice 2012-2 which further extends the Report of Foreign Bank and Financial Accounts (FBAR) filing deadline for a small subset of individuals with only signature authority over certain foreign financial accounts.
Filing Deadline
The filing deadline for those individuals previously identified in Notice 2011-1, Notice 2011-2, and Notice 2012-1 has been extended from June 30, 2013 to June 30, 2014.
All other U.S. persons required to file an FBAR this year are required to meet the June 30, 2013 filing date.
Unlike federal income tax returns, extensions of time to file FBARs are generally not available. It is a must that you file your Fbar on a timely basis.
Who must file FBAR TD F 90-22.1
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
You can find this form on our website. Go to the homepage and look for IRS forms and you can download link and the form is readily available for you.
The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions.
FBAR is a tool for the US government
The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law.
Tax Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.  as a general rule most  most persons are in compliance with F bar regulations.
As a general rule the IRS and the Department of Justice are mainly concerned with huge amounts of money escaping the reach of the United States taxing authorities. Over the first 3F bar tax years the federal government collected $5.5 billion in additional revenue when 33,000 taxpayers came forward and filed back FBAR tax returns.
 
Recent FBAR Guidance
On February 24, 2011, the Treasury Department published final regulations amending the FBAR regulations. These regulations became effective March 28, 2011, and apply to FBARs required to be filed with respect to foreign financial accounts maintained in calendar year 2010 and for FBARs required to be filed with respect to all subsequent calendar years.
On May 31, 2011, the Financial Crimes Enforcement Network (FinCEN) issued FinCEN Notice 2011-1 (PDF), revised June 6, 2011, to provide administrative relief for certain individuals with signature authority over but no financial interest in foreign financial accounts. On February 14, 2012, FinCEN extended this relief by Notice 2012-1.
The deadline to report signature authority over certain accounts has been extended to June 30, 2013 per FinCEN Notice 2012-1 (PDF), for the following individuals:
a. 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
b. 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.
Call us today and learn more about F bar. You will speak directly with the tax attorney or CPA that can offer you the best possible F bar advice.
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FBAR Filing Date Extended – FBAR  Penalty Removals