Are the FBAR regs fit for purpose – FinCEN wants to know by next Friday

FinCEN, the U.S. Treasury Department bureau that's responsible for overseeing the receipt of Foreign Bank Account Reports, is inviting comments "on the proposed renewal, without change, of existing information collection requirements concerning reports of foreign financial accounts and... Report[s] of Foreign Bank and Financial Accounts (FBAR)".

  • Tax

FinCEN changes FBAR deadline again (updated) – it's now Oct. 31

The U.S. Financial Crimes Enforcement Network has quietly removed from its website its surprise announcement, posted Oct. 14, that the final deadline for  Foreign Bank Account Report (FBAR) filings had been moved to Dec. 31, from Oct. 15.

Instead, it has clarified that the extended Dec. 31 FBAR filing deadline applied only to "victims of recent natural disasters", such as "victims of the California wildfires, the Iowa Derecho, Hurricane Laura, the Oregon wildfires, and Hurricane Sally".

But it has nevertheless now moved the deadline for everyone else back to Oct. 31 – in other words, extended it by two weeks.

  • News
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Opinion

AARO, to Biden, Harris: 'Congratulations, let's work together on behalf of overseas Americans'

AARO, to Biden, Harris: 'Congratulations, let's work together on behalf of overseas Americans'

Today, Jan. 20, is Inauguration Day in Washington, D.C., when Joe Biden is due to be sworn in as the next president of the U.S. Here, William Jordan, president of...

Jan-20-2021