FBAR 2022 Filing Deadline: Is FBAR on Automatic Extension?
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Is the FBAR Automatic Extension Still Valid?
With the April 15th tax deadline slowly approaching, US person taxpayers with foreign bank accounts, assets, and investments have to determine whether or not they meet the threshold requirements for having to file the annual FBAR (aka FinCEN Form 114). While the FBAR has been around for over 50 years, with the introduction of Form 8938 about 10 years ago came the US government’s renewed interest in FBAR enforcement compliance. And, while the FBAR is typically due on April 15, for the past few years it has been on automatic extension. At the current time, the IRS has not yet indicated that the due date has changed or that the automatic extension has expired.
FBAR Automatic Extension
Taxpayers should be sure to continue to check IRS notices to determine whether or not the automatic deadline extension is going to continue in 2022 for Taxpayers required to file their 2021 FBAR. Here is the most recent IRS notice (as of 2/28/2022) about the filing deadline, until another more recent version is published:
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When to File
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The FBAR is an annual report, due April 15 following the calendar year reported.
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You’re allowed an automatic extension to October 15 if you fail to meet the FBAR annual due date of April 15. You don’t need to request an extension to file the FBAR.
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If you are affected by a natural disaster, the government may further extend your FBAR due date. It’s important that you review relevant FBAR Relief Noticesfor complete information.
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For certain employees or officers with signature or other authority over, but no financial interest in certain foreign financial accounts, the 2018 FBAR due date is deferred to April 15, 2020. See Notice 2018-1
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