IR-2022-174: October FBAR extension deadline nears for foreign bank and financial account holders

IRS Newswire October 6, 2022
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2022-174 Inside This Issue October FBAR extension deadline nears for foreign bank and financial account holders WASHINGTON – The Internal Revenue Service today reminds U.S. citizens, resident aliens and domestic legal entities that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is Oct. 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network's (FinCEN) website. Filers who missed the April 15 annual due date earlier this year received an automatic extension until Oct. 15, 2022, to file the FBAR. They did not need to request the extension. See FinCEN's website for further information. Who needs to file? The Bank Secrecy Act requires U.S. persons to file an FBAR if: They have a financial interest in or signature or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund or other financial account located outside the United States, and The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year 2021. Because of this threshold, the IRS encourages U.S. persons with foreign accounts, even relatively small ones, to check if this filing requirement applies to them. A U.S. person is a citizen or resident of the United States or a domestic legal entity such as a partnership, corporation, limited liability company, estate or trust. How to file Filers do not file the FBAR with their federal income tax return. The 2021 FBAR must be filed electronically with FinCEN and is only available through the BSA E-Filing System website. Individuals who are unable to e-file their FBAR must contact FinCEN at 800-949-2732 or FRC@fincen.gov to request an alternative filing method. Callers from outside the U.S. can contact the helpline at 703-905-3975. Avoid penalties Those who don't file an accurate FBAR when required may be subject to significant civil and criminal penalties that can result in a fine and/or imprisonment, depending on the facts and circumstances. FBAR resources on IRS.gov: Report of Foreign Bank and Financial Accounts (FBAR) Details on reporting foreign bank and financial accounts (FS-2022-24) Publication 5569, Report of Foreign Bank & Financial Accounts (FBAR) Reference Guide Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

 

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