On June 17, 2011, the Financial Crimes Enforcement Network (FinCEN) issued a notice (“Notice”) concerning reports of foreign financial accounts (“FBARs”) to provide a one-year extension to officers and employees of investment advisors registered with the Securities and Exchange Commission (SEC) who have signature or other authority over, but no financial interest in, foreign financial accounts of persons who are not investment companies registered under the Investment Company Act of 1940.
On February 24, 2011, FinCEN published a final rule (“Final Rule”) that, among others, addressed the scope of persons that are required to file FBARs and further specified the types of accounts that are reportable. Since the issuance of the Final Rule, FinCEN has received questions about processing issues in filing FBARs.
In light of the questions received, FinCEN, through the Notice, extends the filing deadline for FBARs from June 30, 2011 to June 30, 2012. This extension is applicable to FBARs for calendar year 2010 and 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.
To read a complete copy of the Notice on the FinCEN website, click here.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken which might be influenced by this publication. Established in 1925, Gunster Yoakley is one of Florida’s oldest and largest full-service law firms. Its substantial and diversified practice serves an extensive client base of international, national and local businesses, institutions, local governments and prominent individuals. The firm maintains a strong presence in Florida with offices in Fort Lauderdale, Miami, Palm Beach, Stuart, Vero Beach, West Palm Beach, Jacksonville, and Tallahassee. Gunster Yoakley is home to more than 160 attorneys and 329 employees, providing counsel to clients through 18 practice groups including corporate, immigration, employment, technology and emerging companies, tax, banking and financial services, real estate, land use and environmental, business litigation, and private wealth services. |
