Have you filed your Form FinCEN 114 / FBAR (Report of Foreign Bank and Financial Accounts) for the 2020 tax year?
The FINAL deadline for submission is October 15, 2021.
The Financial Crimes Enforcement Network (FinCEN) automatically grants U.S. expat tax filers who have missed the original April 15 FBAR filing deadline a six-month extension to October 15, but as there are no further extensions available — and given the potential consequences for late or non-filing (see below) — we strongly recommend reaching out to your tax preparer to ensure submission of the necessary forms by the final due date of October 15, 2021. Important note: The additional two-month extension to December 15 for certain tax returns does not apply to FBAR — it must be filed by October 15.
Penalties for late/non-filing of FBAR typically consist of up to USD 12,921 (per violation) for “non-willful” violations. For “willful non-compliance,” you can expect to pay up to USD 129,210 (or 50% of the amount per 31 U.S.C.5321(a)(5)(D)) and possibly face prosecution under the U.S. federal penal code.
Feel free to reach out to our U.S. tax team for more information.
