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


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