Treasury grants further extension of time for reporting signature authority (FBAR, Form TD F 90-22.1) over certain foreign financial accounts [TAX ALERT]

January 24, 2013

On 26 December 2012, the Financial Crimes Enforcement Network (FinCEN) issued FinCEN Notice 2012-2, granting a third extension of time for certain persons to file a Report of Foreign Bank and Financial Accounts (FBAR) with respect to signature authority over foreign financial accounts.

This Notice is only relevant for reports of (1) certain officers and employees of publicly traded or widely held companies with signature authority over foreign financial accounts held by group members and (2) employees of SECregistered investment advisors with signature authority over foreign financial accounts owned by customers that are not regulated investment companies, such as hedge funds, venture capital funds and private equity funds.

In other words, this Notice is only relevant for persons who were previously granted extensions of time to report signature authority under FinCEN Notices 2011- 1 and 2011-2, both as extended by FinCEN Notice 2012-1. Before issuance of this current Notice, these persons had been given an extension of time to file with respect to signature authority for 2012 and prior years until 30 June 2013. This Notice (2012-2) grants them a further extension of time to file with respect to signature authority for 2013 and prior years until 30 June 2014.

Further details are available from the Ernst & Young Tax Alert which can be accessed using the link below:

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