San Francisco Tax Preparation / CPA: FBAR Relief Available for Victims of Recent Natural Disasters

Filed in CCH NEWS FEED by on November 24, 2021

The Financial Crimes Enforcement Network (FinCEN) is providing filing relief to taxpayers who have been adversely affected by Hurricane Ida, the California Wildfires, Tennessee Severe Storm and Flooding, Michigan Severe Storms, Flooding, and Tornadoes, and Tropical Storm Fred. Victims who reside or have a business in affected areas have until December 31, 2021, to file their Reports of Foreign Bank and Financial Account (FBAR) forms for the 2020 calendar year. The FBAR for calendar year 2020 would otherwise be due October 15, 2021.

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 these natural disasters. If FEMA designates other localities affected by these natural disasters as eligible for individual assistance at a later date, FBAR filers in those additional localities will automatically receive the same filing relief.

Taxpayers Outside Disaster Area
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.

FBAR filers who live outside the disaster area 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.