Foreign Bank Account Report (“FBAR”) Extended Filing Date Announced for Signatory Authority Only Filers

Jun 02, 2011   

The U.S. Department of the Treasury, Financial Crime Enforcement Network (James H. Freis, Jr., Director) announced via FinCEN Notice 2011-1, that individuals in the following categories now have until June 30, 2012 to file FBARs (for calendar year 2010 reporting obligations):

(1) An employee or officer of an entity under § 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 § 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 or another controlled person of the entity.

A full copy of the notice is available here.

However, individuals and entities that do not fall within the exception must file the FBAR for calendar year 2010 by June 30, 2011. The form must be received by June 30th and a USPS postmark will not suffice.

The attorneys at Fuerst Ittleman, PL have extensive experience navigating the complex regulator and statutory provisions regarding the reporting of foreign bank accounts. You can contact an attorney by emailing us at: contact@fidjlaw.com