Thursday, April 15, 2021
The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.
The extension of the federal income tax filing due date and other tax deadlines for individuals to May 17, 2021, does not affect the FBAR requirement. However, filers missing the April 15 deadline will receive an automatic extension until October 15, 2021, to file the FBAR.
The Bank Secrecy Act requires US persons to file a FBAR if they have:
Because of this threshold, the IRS encourages US persons or entities with foreign accounts, even relatively small ones, to check if this filing requirement applies to them.
A US person is a citizen or resident of the United States or any domestic legal entity such as a partnership, corporation, limited liability company, estate or trust.
The 2021 FBAR must be filed electronically with the Financial Crimes Enforcement Network (FinCEN).