Covid-19 Tax News: FBAR filing

COVID-19 Legal Updates April 9, 2020

COVID news for Taxpayers:

Don’t worry about your FinCEN Form 114 (your FBAR) – it is not due until October 15, 2020

You may know that the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”) is used to report a financial interest in or signature authority over a foreign financial account. The FBAR must be received by the Department of the Treasury on or before April 15th of the year immediately following the calendar year being reported. FinCEN explicitly states on its website that it will grant filers failing to meet the FBAR annual due date of April 15th an automatic extension to October 15th each year. Accordingly, specific requests for this extension are not required for 2020. As such, this is one less thing for Taxpayers to worry about now.

Please contact me with any questions.

Melinda Fellner focuses her practice on tax matters including federal, state and international tax. Ms. Fellner’s experience includes business structuring, acquisitions and reorganizations, and joint ventures and partnerships in both the domestic and offshore world. This experience includes negotiating and drafting operating agreements and drafting organizational and transactional documents for corporate transactions. She has cultivated specific expertise in the international arena, including guiding affected clients through the IRS Streamlined Offshore Programs and the IRS Offshore Voluntary Disclosure Program and assisting with other offshore income issues. Additionally, Melinda routinely represents clients in federal and state tax controversies. Read more.

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