FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters
October 05, 2021
Affected Filers Have Until December 31, 2021, to File
FinCEN announced October 5, 2021, that victims of Hurricane Ida, the California Wildfires, Tennessee Severe Storm and Flooding, Michigan Severe Storms, Flooding, and Tornadoes, and Tropical Storm Fred have until December 31, 2021, to file Reports of Foreign Bank and Financial Accounts (FBARs) for the 2020 calendar year.
FinCEN is offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance as a result of Hurricane Ida, the California Wildfires, Tennessee Severe Storm and Flooding, Michigan Severe Storms, Flooding, and Tornadoes, and Tropical Storm Fred (the “affected areas”). Should FEMA designate other localities affected by these natural disasters as eligible for individual assistance at a later date, FBAR filers in those additional localities will receive the same filing relief automatically.
Currently, individuals and households who reside or have a business in Ascension, Assumption, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Washington, West Baton Rouge, and West Feliciana parishes in Louisiana qualify for the FBAR extension as a result of Hurricane Ida, because FEMA designated those parishes as qualifying for individual assistance.
In addition, FinCEN will work with any FBAR filer who lives outside the disaster areas but who must consult records located in the affected areas in order to meet the deadline.
This is a Win for LCPA's Advocacy Team!
Prior to the release of this notice, the LCPA Advocacy Team communicated with FinCEN requesting the FBAR filing relief. We are grateful to have received a direct response from the FinCEN stating that the FBAR filing deadline had been extended. Thanks to LCPA Member and “Master of Disaster” Jerry Schreiber for assisting with this advocacy effort to get members much-needed relief.