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FinCEN Once Again Extends FBAR Filing Deadline for Certain Financial Professionals - Emil Estafanous, CPA : Emil Estafanous, CPA

FinCEN Once Again Extends FBAR Filing Deadline for Certain Financial Professionals

The Financial Crimes Enforcement Network (FinCEN) announced a serve prolongation of a deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), to Jun 30, 2013, for a tiny organisation of financial professionals (FinCEN Notice 2012-1). 

In 2011, FinCEN announced that 3 tiny groups of people would accept a one-year FBAR prolongation over a Jun 30, 2011, filing deadline (FinCEN Notice 2011-1; FinCEN Notice 2011-2) to Jun 30, 2012. This deadline has been extended once again to Jun 30, 2013. The groups of people who validate for a prolongation are:

  • An worker or officer of a regulated entity (as specified in a FBAR regulations) who has signature or other management over and no financial seductiveness in a unfamiliar financial comment of another entity some-more than 50% owned, directly or indirectly, by a regulated entity (a tranquil person).
  • An worker or officer of a tranquil chairman of a regulated entity (as specified in a FBAR regulations) who has signature or other management over and no financial seductiveness in a unfamiliar financial comment of a regulated entity, a tranquil chairman or another tranquil chairman of a regulated entity.
  • Officers and employees of investment advisers purebred with a SEC with signature or other management over (but no financial seductiveness in) a unfamiliar financial accounts of persons that are not purebred investment companies underneath a Investment Company Act of 1940.

The prolongation relates for stating signature management hold for a 2011 calendar year as good as for a years extended in FinCEN Notice 2011-1 and FinCEN Notice 2011-2.

All other U.S. persons compulsory to record an FBAR form this year contingency accommodate a strange filing date of Jun 30, 2012.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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