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 2022FBAR in 2021, to report your 2020 maximum foreign bank and financial account values. The FBAR (aka FinCEN Form 114) is presumably (for now) still on automatic extension. Thus, as long as you are reading this before October, you can still timely file for 2021. 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. Let’s review the basics of the FBAR filing deadline 2022 requirements.
2022 FBAR Deadline for Filing
The FBAR Filing Deadline is due in April 2021 but is presumably still on automatic extension unless the IRS or FinCEN changes the rules in 2022. In other words, the deadline to file the 2021 FBAR (in 2022) is the same day your tax returns are due, including an 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 (Should) 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. The automatic extension 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.
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