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FinCEN provides FBAR relief to victims of hurricanes Harvey and Irma

RFP
On Sept. 7 and 12, respectively, FinCEN announced that Hurricane Harvey victims in affected areas of Texas, and Hurricane Irma victims in affected areas of the U.S. Virgin Islands, Puerto Rico, and Florida, are now eligible for an extension of time to file their Form 114, Report of Foreign Bank and Financial Accounts (FBAR) report for the 2016 calendar year. Filers eligible for relief now have until Jan. 31, 2018, to file FBARs, which otherwise would have been due Oct. 15, 2017. In addition, FinCEN will work with any FBAR filer who lives outside the disaster area, but whose records required to meet the deadline are located in the affected area irrespective of where the filer resides.

An FBAR form is used to report a financial interest in or signature authority over foreign financial accounts, including bank accounts, brokerage accounts, mutual funds, trusts, or other types of foreign financial accounts, when the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

The FinCEN hurricane relief notices list the counties in the affected areas identified by the Federal Emergency Management Agency (FEMA) that qualify for relief. New counties may be added to the list as FEMA assesses damages. Should FBAR filers in other locations affected by the hurricanes be identified by FEMA for individual assistance at a later date, they will automatically receive the same filing relief.

Contact
David Sites
Partner, Washington National Tax Office
T +1 202 861 4104

Cory Perry
Senior Manager, Washington National Tax Office
T +1 202 521 1509

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