On Oct. 5, the Financial Crimes Enforcement Network (FinCEN) issued a notice announcing it will offer filing relief to taxpayers impacted by recent natural disasters across the US, including Hurricane Ida, California wildfires, Tennessee severe storms and flooding, Michigan severe storms, flooding and tornadoes, and Tropical Storm Fred. Impacted individuals who reside or have a business within a disaster area now have until Dec. 31, 2021, to file their Reports of Foreign Bank and Financial Account (FBAR) forms for the 2020 calendar year. Without this extension, the FBAR (FinCEN Form 114) would otherwise be due on Oct. 15, 2021.
Who Qualifies for Relief?
FinCEN will offer the filing extension to individuals living or owning a business within disaster areas designated by the Federal Emergency Management Agency (FEMA). In the event FEMA specifies other localities impacted by natural disasters as eligible in the future, FBAR filers in these additional disaster areas will automatically benefit from the same filing relief.
Impacted Individuals Outside of Disaster Areas
FinCEN has agreed to work with FBAR filers living outside the disaster area, but individuals must consult records located in the disaster areas to meet the deadline. Filers living outside of a disaster area in need of assistance to meet their filing obligations (including those helping in disaster relief activities affiliated with philanthropic or government agencies) are advised to contact the FinCEN Regulatory Support at 800-767-2825 or via email at frc@fincen.gov.
Moore Doeren Mayhew is here to assist you in filing your FBAR in the event you or your business was impacted by recent natural disasters – contact us today.