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FinCEN extends filing deadline for some individuals

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Tax Hot Topics newsletterThe Financial Crimes Enforcement Network (FinCEN) issued a notice (Notice 2017-1) extending the deadline to Apr. 15, 2018, 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 sixth consecutive year that FinCEN has issued such an extension to similarly situated individuals. In order to be eligible for the reporting extension under Notice 2017-1, 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 2017 calendar year, as well as all reporting deadlines extended by prior notices.

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

Cory Perry
Tax – Exp. Manager, Washington National Tax Office
T +1 202 521 1509

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