FBAR Deadline 2021 for Filing
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FBAR Deadline 2021 for Filing
FBAR Deadline 2021 for Filing: FBAR (FinCEN Form 114) reporting follows the same logic as tax filing. For example, US Persons are required to file their 2020 tax return in 2021, to report their 2020 income — and with FBAR Filing, the same holds true. Therefore, Taxpayers file their 2021 FBAR in 2020, to report their 2020 maximum foreign bank and financial account values. To help Taxpayers acclimate to filing the FBAR it is (currently) on automatic extension. Thus, FBAR filers have until October 15 to file the form — and still be considered timely for the 2020 FBAR due date. For some filers, learning about the FBAR can be very overwhelimg – especially if they were required to, but never filed in prior years. If a filer missed the FBAR deadline in prior years, they should first speak with an FBAR specialist to discuss FBAR Amnesty options before submitting current year returns — so that they do not inadvertently file a Quiet Disclosure. Let’s go over the basics of the FBAR Deadline 2021 filing due date.
About the FBAR Form
If a US Person is the owner of foreign financial accounts and meets the threshold requirements for having to report the balances of these foreign accounts to the U.S. Government — they may have to file an FBAR filing requirements. Generally, the FBAR is not the most difficult of the international tax forms, as it does not require accounting or bookkeeping skills — and is limited to providing each account’s maximum balance. Still, this can prove difficult at times, depending on the type of foreign account and type of information accessible to the filer.
When is the FBAR Due Date?
The 2021 FBAR Deadline for filing is April 2021, but is on automatic extension.
So, when is the actual last day to report overseas accounts timely in 2021?
The FBAR Deadline for 2021 is on automatic extension through October 15. In other words, the deadline to file the 2020 FBAR (in 2021) is the same day tax returns are due, including extension. By automatic extension, it means that Taxpayers do not need to file any specific extension with the IRS or FinCEN (currently, subject to change) to request an extension to file the FBAR. The memorandum can be found here.
Missed the 2021 FBAR Deadline?
If you are out of compliance, the penalties can be severe. Therefore, you may consider entering IRS offshore voluntary disclosure/tax amnesty, before it is too late. The FBAR Amnesty Programs are programs developed by the Internal Revenue Service to assist Taxpayers who are already out of compliance for non-reporting.
Some of the more common programs, include:
- Voluntary Disclosure Program (VDP or “New” OVDP)
- Streamlined Domestic Offshore Procedures
- Streamlined Foreign Offshore Procedures
- Delinquency Procedures
- Reasonable Cause
Golding & Golding: About Our International Tax Law Firm
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