The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a notice further extending the filing date for the “Report of Foreign Bank and Financial Accounts (FBAR)” for certain individuals who have only signature authority over certain foreign financial accounts to April 15, 2017.
FinCEN Notice 2015-1 [PDF 27 KB] provides, for the sixth time, an extension to employees and officers of specified regulated entities—including U.S. publicly traded companies and financial institutions—who have only signature authority over, but no financial interest in, certain foreign financial accounts in light of ongoing consideration of questions regarding the application of the filing requirements to such individuals.
In contrast to prior extensions—that extended the due date one year (i.e., to the following June 30)—the new extension provides for an April 15 due date in keeping with the July 2015 statutory change to the FBAR’s filing deadline. The change to an April 15 due date, enacted as part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, is effective for calendar year 2016 FBARs due in 2017.
In December 2014, Treasury issued FinCEN Notice 2014-1 extending the FBAR filing deadline for these officers and employees with signature authority to June 30, 2016. Prior FinCEN notices provided an extension of time to file to those persons previously granted an extension by Treasury (FinCEN Notices 2013-1, 2012-1 and 2012-2, and 2011-1 and 2011-2.)
© 2016 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.