The Financial Crimes Enforcement Network (FinCEN) today announced that it would extend the filing deadline for Reports of Foreign Bank and Financial Account (FBARs Form FinCEN 114) for people impacted by recent natural disasters in the United States, including Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Tropical Storm Francine.
For victims of Hurricane Helene, the new FBAR filing deadline will be May 1, 2025, for the 2023 calendar year. Victims of Hurricane Debby, Hurricane Beryl, and Tropical Storm Francine will have until February 3, 2025, for 2023 calendar year FBAR filings. Absent the disaster-related extension relief, and for most taxpayers, FBAR filings for calendar year 2023 are otherwise due on or before October 15, 2024.
FinCEN noted that it is offering FBAR filing deadline extensions to taxpayers in “any area that is designated both by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance and by the Internal Revenue Service (IRS) as eligible for tax filing relief.” FinCEN also said that if the IRS designates additional areas as affected by Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Tropical Storm Francine those areas “will receive FBAR relief from FinCEN automatically.”
With Hurricane Milton on track to strike Central Florida this week, it is not yet clear whether FinCEN might extend the FBAR filing deadline for victims who will be impacted by that storm. Given predictions that Milton may cause widespread damage when it makes landfall, it is possible FinCEN could extend the deadline for people affected by that storm as well.
For filers who live outside the disaster areas identified by FEMA and the IRS, FinCEN noted that it will work with anyone whose FBAR-related records might be located in the affected areas in order to help them meet their relevant filing deadline. FinCEN recommends that “FBAR filers 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.”
Victims of recent natural disasters should refer to the FinCEN notice specific to their circumstances:
- FinCEN notice regarding Hurricane Helene
- FinCEN notice regarding Hurricane Debby
- FinCEN notice regarding Hurricane Beryl
- FinCEN notice regarding Tropical Storm Francine
FBAR filings are separate from tax returns and other tax-related filings and are not governed by the Internal Revenue Code. Therefore, FinCEN’s announcement provides important relief for FBAR filers who would not otherwise be excused for a late FBAR filing based on the IRS’s disaster relief announcements, which only apply to tax returns. The failure to timely file an FBAR can result in the imposition of significant penalties.
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