Individuals who woke up the morning of October 16 realizing that, although they should have filed a Report of Foreign Bank and Financial Accounts (FBAR) by October 15, they had forgotten to do so, will be happy to learn they have been granted a short reprieve to get the report filed by the Financial Crimes Enforcement Network (FinCEN).[1]

The relief is granted due to a mistake made by FinCEN on October 14 when the agency posted a statement on the Bank Secrecy Act (BSA) e-filing website that was meant to remind filers of relief granted to victims of recent natural disasters who were given until December 31, 2020 to file the FinCEN form via a Notice issued on October 6.[2]  However, the posting on the BSA site failed to include the information that the relief was limited to those impacted by the disasters, implying that all filers were to be given until the end of the year to file the form.

On October 16 FinCEN posted a clarification on the FinCEN website that provided the following temporary extension through Halloween to file the form to all taxpayers, along with reminding filers impacted by the disasters noted in the October 6 notice that they (and only they) have until December 31 to file the FBAR form electronically:

FinCEN apologizes for the error and any confusion this has caused, and has coordinated with the IRS to address the concerns of filers who may have missed their filing deadline due to the October 14, 2020 message.

Filers who file their 2019 calendar year FBAR by October 31, 2020 will be deemed to have timely filed.  As set out in the October 6 notice, FBAR filers impacted by recent natural disasters continue to have until December 31, 2020 to file their FBARs.[3]

[1] FinCEN Clarifies FBAR Extensions, FinCEN website, October 16, 2020, https://www.fincen.gov/fincen-clarifies-fbar-extensions (retrieved October 19, 2020)

[2] FinCEN Provides FBAR Relief to Victims of Recent Natura Disasters; Filers Have Until December 31, 2020 to File, FinCEN Notice, October 6, 2020 https://www.fincen.gov/sites/default/files/shared/Notice-Extend%20FBAR%20Due%20Date%20for%202020%20Disaster%20Victims-Final%2020201005.pdf (retrieved October 19, 2020)

[3] FinCEN Clarifies FBAR Extensions, FinCEN website, October 16, 2020