The Financial Crimes Enforcement Network (FinCEN) announced on Oct. 11, 2024, that it would extend the filing deadline for Reports of Foreign Bank and Financial Account (FBARs Form FinCEN 114) for people impacted by Hurricane Milton as well as those who have been impacted by the war between Israel and Hamas that began on Oct. 7, 2023.
For victims of Hurricane Milton, the new FBAR filing deadline will be May 1, 2025, for the 2023 calendar year. FinCEN announced earlier last week that victims of Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Tropical Storm Francine would also have extended filing deadlines for 2023 calendar year FBAR filings. Absent extension relief, and for most filers, FBAR filings for calendar year 2023 are otherwise due on or before October 15, 2024.
FinCEN noted that its natural disaster-related filing extensions are available to filers 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’s FBAR filing deadline for “certain individuals and businesses affected by the terroristic action in the State of Israel throughout 2023 and 2024” will now be Sept. 30, 2025, for the 2023 calendar year.
FinCEN noted that its Israel-Hamas war relief is specifically for “any individuals or businesses that have been provided tax relief pursuant to IRS Notice 2024-72, as described in the IRS announcement dated October 1, 2024. This expanded relief is separate from the expanded relief FinCEN provided on October 16, 2023, based on IRS Notice 2023-71, which originally provided relief to taxpayers affected by the October 7, 2023, attacks in Israel. Consistent with the IRS announcement, FinCEN is extending FBAR filing relief to taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation, or may be unable to perform other time-sensitive tax-related actions, including FBAR filings.”
FBAR filings are separate from tax returns and other tax-related filings and are not governed by the Internal Revenue Code. Therefore, FinCEN’s announcements provide important relief for FBAR filers who would not otherwise be excused for a late FBAR filing based on similar IRS relief announcements, which only apply to tax returns. The failure to file an FBAR in a timely way can result in the imposition of significant penalties.
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