FBAR Filing Deadline 2020: The FBAR Filing Deadline is fast approaching. The 2019 IRS FBAR (used to report maximum foreign account balances for 2019) is due in April 2020. But, the FBAR (aka FinCEN Form 114) is on automatic extension.
With the IRS continuing to aggressively enforce foreign accounts compliance, it is important to get compliant to avoid FBAR penalties. 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.
FBAR Filing Deadline 2020
The FBAR Filing Deadline is due in April 2020, but is on automatic extension. When is the Last Day to Report your Accounts? The FBAR Deadline 2019 is on automatic extension. In other words, the deadline to file the 2018 FBAR (in 2019) 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 2018 FBAR is due by April 2019. And, if you applied for an extension, then the FBAR coincides with the filing date of the Tax Return.
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.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.
Each case is led by a Board-Certified Tax Law Specialist with 20-years experience, and the entire matter (tax and legal) is handled by our team, in-house.
*Please beware of copycat tax and law firms misleading the public about their credentials and experience.
Less than 1% of Tax Attorneys Nationwide Are Certified Specialists
Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.
Recent Golding & Golding Case Highlights
- We represented a client in an 8-figure disclosure that spanned 7 countries.
- We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
- We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
- We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
- We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Offshore Counsel?
Generally, experienced attorneys in this field will have the following credentials/experience:
- Board Certified Tax Law Specialist credential
- Master’s of Tax Law (LL.M.)
- Dually Licensed as an EA (Enrolled Agent) or CPA
- 20-years experience as a practicing attorney
- Extensive litigation, high-stakes audit and trial experience
Interested in Learning More about Golding & Golding?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant.
Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.