Executive summary: FinCEN extends FBAR deadline for disaster victims
FinCEN announced an extension to the FBAR filing deadline for victims of Hurricanes Fiona and Ian, as well as victims of floods in parts of Alaska. Individuals, households and businesses in areas designated by FEMA as qualifying for individual assistance will have until Feb. 15, 2023 to file FBARs for the 2021 calendar year. FinCEN will also work with any FBAR filer outside the disaster area but who must consult records in the impacted areas.
FinCEN provides filing deadline extension for victims of Hurricanes Fiona, Ian and flooding in Alaska
The Financial Crimes Enforcement Network (FinCEN) announced on Oct.6, 2022 that victims of Hurricane Fiona in Puerto Rico, Hurricane Ian in Florida, North Carolina and South Carolina and storms and floods in parts of Alaska will have until Feb. 15, 2023 to file Reports of Foreign Bank and Financial Accounts (FBARs) for the 2021 calendar year. FBARs for 2021 would otherwise be due on or before Oct. 15, 2022.
The extended due date is available to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance as a result of the recent hurricanes and floods. Individuals and households who reside or have a business anywhere in the Commonwealth of Puerto Rico, Florida, North Carolina, South Carolina, or tribal territories located within those states are eligible for the extend due date. In Alaska, the affected areas include the Regional Education Attendance Areas of Bering Strait, Kashunamiut, Lower Kuskokwim and Lower Yukon impacted by storms and flooding that began on Sept. 15, 2022. Should FEMA designate additional areas affected by these natural disasters at a later date, they will receive the same filing relief.
FinCEN also announced that it would work with any FBAR filer who lives outside affected areas but who must consult records located within the affected areas in order to meet the filing deadline. Individuals who live outside the affected areas and who are seeking assistance in meeting their filing obligations (including workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization) should contact the FinCEN Regulatory Support Section at 800-767-2825 or electronically at frc@fincen.gov.
The IRS has also granted relief for filing and payment deadlines to victims of Hurricane Fiona in Puerto Rico, Hurricane Ian in Florida and the Carolinas, and of severe storms and flooding in Alaska.
