Admin—The Financial Crimes Enforcement Network (FinCEN) extended filing deadlines for foreign bank and financial accounts reports (FBAR) for people in federally declared disaster areas of four hurricanes (Milton, Helene, Debby, and Beryl) and tropical storm Francine, as well as for people affected by terrorist attacks in Israel.
Victims of hurricanes Milton and Helene have until May 1, 2025, to file the reports for the 2023 calendar year, FinCEN said in notices FIN-2024-NTC6 and FIN-2024-NTC4. Victims of hurricanes Debby and Beryl and tropical storm Francine have until Feb. 3, 2025, to file reports (FIN-2024-NTC2, FIN-2024-NTC1, and FIN-2024-NTC3).
The relief for storm victims is available to any area designated both by the Federal Emergency Management Agency as qualifying for individual or public assistance and by the IRS as eligible for tax filing relief, FinCEN said in notices published this week. If the IRS later designates other areas affected by the storm as eligible for tax filing relief, FinCEN relief will be automatic for those areas.
Deadlines for FBAR filings will be the same as those in IRS designations.
The reports otherwise had a deadline of Oct. 15, 2024.
Certain individuals and businesses affected by terrorist attacks in Israel throughout 2023 and 2024 have until Sept. 30, 2025, to file FBARs for the 2023 calendar year, FinCEN announced in FIN-2024-NTC5. This relief is available to any individuals or businesses that have been provided tax relief by the IRS under Notice 2024-72.
FinCEN says it 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." The latest relief is separate from relief FinCEN offered in October 2023 to taxpayers affected by the Oct. 7, 2023, attacks in Israel.
The AICPA sought extensions for filings of both FBARs and beneficial ownership information (BOI) reports in a letter sent Oct. 3 to FinCEN Director Andrea Gacki. The letter asked FinCEN to adopt a policy providing automatic filing extensions to victims of major disasters and to match the extensions that the IRS provides.
"While FinCEN often has provided filing relief for FBAR filings to those affected by disasters, FinCEN does not automatically apply relief in all instances where the IRS has granted filing relief," the letter said. "Even when FinCEN has granted disaster relief, it has not always been provided to the same taxpayers to whom the IRS gave relief for the same disaster. Furthermore, since BOI reporting compliance has been implemented, FinCEN has not offered disaster relief for any BOI reports due."
FinCEN has not announced any BOI reporting relief.
The AICPA has other resources on its Disaster Relief Resource Center.
— To comment on this article or to suggest an idea for another article, contact Martha Waggoner at Martha.Waggoner@aicpa-cima.com.
