Their names and acronyms might not roll off of the tongue, but there is no denying the importance of the American Institute of Certified Public Accountants (AICPA), Internal Revenue Service (IRS), the Financial Crimes Enforcement Network (FinCEN) and Report of Foreign Bank and Financial Accounts (FBAR).
A recent article detailed AICPA's recommendations to the IRS and FinCEN for FBAR filing requirements. FinCEN earlier this year laid out a plan to require more details of taxpayers required to file reports on foreign financial accounts.
AICPA recommends that anyone who asks for an income tax return filing extension by the deadline should automatically receive an FBAR filing extension to October 15. The group also asks FinCEN to provide a simple and clear electronic FBAR extension form for taxpayers who do not ask for an extension for their federal income tax returns.
The group representing certified public accountants also recommends that those taxpayers who live overseas be granted automatic FBAR filing extensions to June 15 each year. The extension would also be automatic to those who live in the U.S. but maintain accounting records overseas.
We do not know how the recommendations will be received, but we do know that the IRS plans to continue its push to get information about overseas accounts from taxpayers and banks alike.
If you have not filed a required FBAR, a tax attorney at Robert J. Fedor, Esq., LLC, experienced in resolving FBAR-related concerns, can begin the process of securing a non-prosecution agreement and filing required documents. Learn more about reporting foreign assets by clicking below.