cancel
GMS Flashalert Distancepost

United States – Extension of Time to File Year 2022 FBARs

GMS Flash Alert 2022-218 | December 12, 2022

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced an extension of time for filing the “Report of Foreign Bank and Financial Accounts (FBAR)” for certain individuals who have only signature or other authority over certain foreign financial accounts to April 15, 2024.1

Why this matters

This extension may provide welcome relief for affected persons who otherwise would have had to prepare an FBAR this year. This extension is only relevant to certain individuals with signature or other authority over certain foreign financial accounts, who have been granted similar extensions in years past.  

FinCEN Notice 2022-1

FinCEN Notice 2022-1 provides – for the thirteenth time2 – an extension to employees and officers of specified regulated entities (including U.S.-publicly-traded companies and financial institutions) who have only signature or other authority over, but no financial interest in, certain foreign financial accounts during the 2022 calendar year. The extension also applies with respect to reporting deadlines extended by previous FinCEN notices beginning in 2011.

This further extension is being granted because proposed regulations issued on March 10, 20163 – which in part propose to revise the application of the filing requirements to U.S. individuals with signature or other authority over foreign financial accounts – have not yet been finalized.

For all other individuals with an FBAR filing obligation, the filing due date for calendar year 2022 FBARs remains April 17, 2023 (as the 15th falls on a Saturday4), with an automatic extension of six months to October 16, 2023 (as the 15th falls on a Sunday).

Additional Resources

pdf

Download the PDF


Footnotes

1 FinCEN Notice 2022-1,Extended Filing Date Related to Notice 2021-1.

2 For prior coverage, see GMS Flash Alert 2021-308 (December 17, 2021).

3 For related coverage, see S. Friedman and T. McCormally, "FBAR Reporting: Changes Are in the Wind,” What’s News in Tax (April 2016), a publication of the KPMG International member firm in the United States.

4 See FinCEN Report of Foreign Bank and Financial Accounts (FBAR) Due Date for Calendar Year 2017 (“The FBAR filing deadline will follow the Federal income tax due date guidance, which notes that when the Federal income tax due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day.”)

The above information is not intended to be "written advice concerning one or more Federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only.


Disclaimer

The information contained in this newsletter was submitted by the KPMG International member firm in the United States.

GMS Flash Alert is a Global Mobility Services publication of the KPMG LLP Washington National Tax practice. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://kpmg.com/governance.