Officers and Employees of Investment Advisors Registered with SEC Granted Extension for FBAR Filing to June 30, 2012 (FinCEN Notice 2011-2)

The Financial Crimes Enforcement Network (FinCEN) extended the filing date to June 30, 2012, for the FBAR form (TD-F 90-22.1) for employees and officers of investment advisors registered with the Securities and Exchange Commission (SEC) with only signature authority over foreign financial accounts. FinCEN published a final rule on February 24, 2011 (TAXDAY, 2011/02/24, T.1), that addressed persons required to file reports of foreign financial accounts and provided relief in the form of certain exceptions for officers and employees with signature or other authority over certain foreign financial accounts.

FinCEN received inquiries about processing issues in filing FBAR forms by the June 30, 2011, compliance date in the case of employees and officers of investment advisors registered with the SEC with signature or other authority over, but no financial interest in, the foreign financial accounts of persons that are not registered investment companies.

The extension applies to Form TD-F 90-22.1 (FBAR) for calendar year 2010 and to FBARs for calendar year 2009 or earlier calendar years for which the filing deadline was properly deferred under Notice 2009-62, 2009-35 I.R.B. 260, or Notice 2010-23, 2010-11 I.R.B. 441. FinCEN Notice 2011-2 , supplements FinCEN Notice 2011-1, and was issued to facilitate more accurate compliance with the FBAR filing requirements due to the finalization of the FBAR regulations on February 24, 2011.

FinCEN Press Release: FBAR Filing Deadline Extended for Certain Financial Professionals

FinCEN Notice 2011-2, 2011FED ¶46,400

Other References:

31 USC 5311-5330

CCH Reference – 2011FED ¶36,555.027

CCH Reference – 2011FED ¶36,555.33

Tax Research Consultant

CCH Reference – TRC FILEBUS: 9,104

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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