FinCEN Form 114 (the FBAR) is due every year on April 15 for the prior calendar year, with an automatic extension to October 15. However, certain circumstances may justify or require additional deferrals beyond this six‑month extension. Understanding your options, the appropriate timing, and the procedural requirements can help you remain compliant and avoid costly penalties.
1. Standard Deadlines and Automatic Extension
The initial FBAR filing deadline is April 15. By law, every U.S. person with foreign financial accounts exceeding $10,000 in aggregate at any point during the calendar year must file electronically by that date. FinCEN provides an automatic, no‑questions‑asked extension to October 15—no form or written request is needed to obtain this six‑month grace period.
2. When You Might Need More Time
Despite the automatic extension, you may face situations where October 15 is still unworkable. Common reasons include:
- Natural disasters or emergencies that disrupt record‑keeping or internet access.
- Serious illness, hospitalization, or family emergencies affecting you or your professional advisers.
- Delays in receiving required statements or valuations from foreign financial institutions.
- Complex account structures or audit requests that arise unexpectedly late in the year.
3. No Formal Form for Further Extensions
Unlike tax returns, there is no published FinCEN form (such as a “Form 114‑X”) for requesting additional FBAR extensions. All deferral requests beyond October 15 must be made in writing, addressed to the Chief of the BSA E‑Filing System at FinCEN, and should arrive before the October deadline.
4. Drafting Your Written Request
Your deferral letter should include:
- Taxpayer Identification: Your full name, taxpayer identification number (TIN or SSN/EIN), and mailing address.
- Form 114 Details: The calendar year of the FBAR in question and the reason you need additional time beyond October 15.
- Explanation of Circumstances: A concise description of the hardship or emergency, including dates and supporting facts.
- Proposed Extended Deadline: A specific date by which you expect to be able to file (reasonable extension requests are typically 30–90 days).
- Contact Information: Your daytime phone number and email address for any follow‑up questions.
5. Where and When to Send Your Request
Mail your extension letter to:
Chief, BSA E‑Filing System Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183
Requests should be postmarked on or before October 15. If you anticipate mailing delays (e.g., during disasters), consider using overnight delivery or courier services and retain proof of mailing.
6. What to Do While You Await a Response
FinCEN does not issue formal acknowledgments for extension requests. In the absence of explicit denial, you may assume your request is under consideration—but you remain responsible for filing no later than the date you specified in your letter. If you do not file by that date and have no confirmation of approval, you risk penalties.
7. Penalties for Missing Even the Extended Deadline
Failing to file by your granted extension date can trigger steep penalties:
- Non‑Willful Late Filings: Up to $12,921 per violation (adjusted annually).
- Willful Late Filings: The greater of $129,210 or 50% of the account balance at the time of violation.
Timely extension requests and meticulous record‑keeping can help demonstrate good faith and mitigate penalties under FinCEN’s “reasonable cause” provisions.
8. Alternative Relief Options
If you discover multiple years of unfiled FBARs, you may qualify for relief under:
- Delinquent FBAR Submission Procedures: For filers who failed to timely file but have no willful intent.
- Streamlined Filing Compliance Procedures: For filers with non‑resident or U.S. tax obligations who need penalty relief.
These programs differ from extension requests and involve separate eligibility rules, certifications, and potential penalty reductions.
9. Best Practices for Deadline Management
- Early Planning: Begin gathering foreign account statements by January 31 each year.
- Calendar Reminders: Set multiple reminders for April 15, October 15, and your proposed extended deadline.
- Document Emergencies: Maintain contemporaneous records of any disasters or illnesses that justify delays.
- Professional Assistance: Engage a qualified tax advisor or FBAR specialist to manage filings and extension correspondence.
10. Conclusion
While FinCEN’s automatic six‑month FBAR extension to October 15 suffices for most filers, extraordinary circumstances may necessitate additional deferrals. By understanding the absence of a formal extension form, drafting a thorough written request, and following best practices, you can seek extra time responsibly and protect yourself from severe penalties. Always aim to file as soon as practicable and keep clear records of any extension communications.
