he Financial Crimes Enforcement Network (FinCEN) recently issued Notice 2021-1, extending to April 15, 2023, the deadline for filing a Report of Foreign Bank and Financial Accounts (FBAR) for certain individuals with signature authority over, but no financial interest in, one or more foreign financial accounts.
This is the 10th consecutive year that FinCEN has issued such an extension to similarly situated individuals. In order to be eligible for the reporting extension under Notice 2021-1, an individual must satisfy specific criteria with respect to certain employer-owned foreign financial accounts.
FinCEN extended the deadline in light of a notice of proposed rulemaking that it issued on March 10, 2016. These proposed regulations expand and clarify filing exemptions for certain U.S. persons with signature authority, or any other authority, over foreign financial accounts, and have yet to be finalized. The extension applies to individuals with signature authority held during the 2021 calendar year, as well as all reporting deadlines extended by prior notices.
David E. Sites
David leads the firm's International Tax practice, which focuses on global tax planning, cross border merger and acquisition structuring, and working with global organizations in a variety of other international tax areas.
Washington DC, Washington DC
- Technology and telecommunications
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- International tax
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