FBAR Filing Deadline

FBAR Filing Deadline

FBAR Filing Deadline 2021

FBAR Filing Deadline 2021: The FBAR (FinCEN Form 114) reporting follows the same logic of tax filing. For example, you file your 2020 tax return in 2021, to report your 2020 income. With FBAR Filing, the same holds true. Therefore, you will file your 2021 FBAR in 2020, to report your 2020 maximum foreign bank and financial account values.

The FBAR (aka FinCEN Form 114) is on automatic extension.

Thus, as long as you are reading this before October, you can still timely file for 2019.

If you are late in prior years, you should speak with an FBAR specialist to discuss FBAR Amnesty options before submitting current year returns — and inadvertently file a Quiet Disclosure.

2021 FBAR Deadline for Filing

The FBAR Filing Deadline is due in April 2021, but is on automatic extension. When is the Last Day to Report your Accounts? The FBAR Deadline 2020 is on automatic extension. In other words, the deadline to file the 2020 FBAR (in 2021) is the same day your tax returns are due, including extension. In addition, Taxpayers do not need to file any specific extension with the IRS or FinCEN (currently, subject to change) to request an extension — in other words, it is on FBAR .

If you are the owner of foreign financial accounts, and you meet the threshold requirements for having to report the balances of these foreign accounts to the U.S. Government, you may have to file an FBAR. Therefore, it is important to know the deadline to file an FBAR.

Common Questions about the FBAR Filing Deadline:

  • Is the FBAR part of my tax return?
  • What if I did not file the FBAR previously?
  • Are there penalties for not filing the FBAR?
  • Can I just file past FBARs?
  • What are the IRS Amnesty/Voluntary Disclosure Programs?

The FBAR is not the most difficult of international tax forms. It does not require accounting or bookkeeping skills. Essentially, you have to locate the accounts’ maximum balance – which can be difficult.

You have until October to File the FBAR

Depending on the type of account(s) you have, and whether the foreign financial institution provides the data may impact the time it takes you to complete the task.

But, the two main issues involving the FBARs deal with the penalties for non-filing — which can be tough.

The FBAR form is filed annually by any individual, entity, trust, etc. who has ownership, co-ownership or signature authority over foreign bank accounts and foreign financial accounts, which have an aggregate balance of more than $10,000 (USD) on any day of the year.

The deadline for filing the FBAR is the same as your tax return, April. Therefore, your 2020 FBAR is due by April 2021 — but is on automatic extension until 2021.

The memorandum can be found here.

What are the IRS Amnesty Programs for Filing Past FBAR?

If you are out of compliance, the penalties can be severe. Therefore, you may consider entering IRS offshore voluntary disclosure/tax amnesty, before it is too late.

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure. 

Contact our firm today for assistance.