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IRS Grants FBAR Extension in Wake of Hurricane Irene

  • By Salome J. Tinker, CPA
  • Published: 2011-08-29

See Webinar: Dispelling the Myths of the FBAR’s Individual Reporting Requirements – What’s My Corporate and Individual Exposure? September 22, 2011  

Good news for corporate treasury professionals still unsure if they should take advantage of the offshore voluntary disclosure initiatives for unreported foreign bank accounts’ August 31 deadline: Due to the impact of Hurricane Irene, the IRS announced that it has extended it until September 9.

In addition, taxpayers who missed filing their Report of Foreign Bank Account (FBAR) can participate -- as long as they report all their income and paid all their taxes. 

For those who have not submitted their request and any documents, you will need to submit any identifying information to the criminal investigation office. This includes name, address, date of birth, and social security number and as much of the other information requested in the Offshore Voluntary Disclosures Letter as possible. If you still do not have all the required information, or still are unsure if you meet the requirements, you can request a 90-day extension for submitting the complete voluntary disclosure package of information as long as it is received by September 9.

This deadline affects U.S. citizens that may have signature authority over, and a financial interest in, unreported foreign bank accounts. Please check with your corporation’s legal team, or contact the IRS, if you are unsure about applying for a reprieve. 

Learn more about whether you are subject to the new foreign bank account reporting requirements by signing up for AFP’s upcoming webinar on September 22: Dispelling the Myths of the FBAR’s Individual Reporting Requirements—What’s My Corporate and Individual Exposure? Learn more.

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All rights reserved.

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