On Dec. 17, the Financial Crimes Enforcement Network (FinCEN) issued Notice 2014-1, which extends to June 30, 2016, the deadline for some individuals with signature authority for, but no financial interest in, certain financial accounts, to file Foreign Banks and Financial Accounts (FBAR) Form 114 (formerly Form TD-F 90-22.1).
The extension is limited to individuals whose FBAR filing requirements may be impacted by exceptions in 31 Code of Federal Regulations Sections 1010.350(f)(2)(i) through (v), most commonly applicable to officers and employees of U.S. publicly traded companies. The filing due date for other FBAR filers remains unchanged. The extension applies to individuals with signatory authority meeting the additional criteria during the 2014 calendar year, as well as all reporting deadlines extended by prior notices.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
