FinCEN Releases Updates to Due Dates for FBAR

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New annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) is April 15, with automatic extension to October 15. 

Beginning in 2017 (reporting for the 2016 calendar year), the annual due date for the FBAR is April 15 to coincide with the federal tax return filing deadline. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act).

The FBAR (FinCEN Report 114 previously known as TD F 90-22.1) must be filed by U.S. individuals who have a financial interest in or signature authority over one or more foreign financial accounts if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year. For 2016 reports, the initial deadline for electronic filing is April 18, 2017.

On December 16, 2016, FinCEN announced that filers failing to meet the FBAR annual due date of April 15 will be granted an automatic extension to October 15 each year. Thus, specific requests for this extension are not required.

Significant penalties can be assessed for failure to file the FBAR: a non-willful failure carries a penalty of $10,000 per violation, whereas a willful failure to file penalty is the greater of $100,000 or 50% of the balance in the account at the time of violation.



FinCEN Notice 2016-1 provides an extension until April 15, 2018, for certain individuals who have signature authority over, but no interest in, foreign financial accounts.

On December 16, 2016, FinCEN issued Notice 2016-1 providing an extension to file the FBAR until April 15, 2018, for certain individuals who have signature or authority over, but no financial interest in, foreign financial accounts of their employer or another closely related entity.

On March 10, 2016, FinCEN issued a notice of proposed rulemaking, which would expand and clarify the exemptions for certain U.S. individuals with signature or authority over foreign financial accounts. Because the proposal is not yet finalized, FinCEN issued Notice 2016-1 to extend the filing due date to April 15, 2018, for such filers. This extension applies to the reporting of signature authority held during the 2016 calendar year as well as the deadlines previously extended under FinCEN Notices 2011-1, 2011-2, 2012-1, 2012-2, 2013-1, 2014-1 and 2015-1.

The following provides a list of those who would benefit from the extension if they have signature or authority over, but no financial interest in, foreign financial accounts of their employer or another closely related entity:

  • Officers and employees of a bank that is examined by certain authorities.
  • Officers and employees of a financial institution that is registered with and examined by certain authorities.
  • Officers and employees of an entity registered with and examined by the SEC that provides services to a registered entity with the SEC investment company.
  • Officers and employees of an entity with a class of equity securities or American depository receipts listed on any U.S. national securities exchange.
  • Officers and employees of a U.S. subsidiary of a U.S. entity with a class of equity securities listed on a U.S. national securities exchange.
  • Officers and employees of an entity that has a class of equity securities or American depository receipts in respect of equity securities registered under section 12(g) of the Securities Exchange Act.