On December 26, 2012, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued Notice 2012-2, which extends for certain filers the due date for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (the “FBAR”), to June 30, 2014.
Specifically, the extension applies with respect to FBAR filings reporting signature authority in 2012 and prior years to:
This new FinCEN Notice extends the previous deadline of June 30, 2013 set for these filers last year in FinCEN Notice 2012-1.
For all other filers, the FBAR filing deadlines remain unchanged. Each U.S. person, including a citizen or resident of the United States and any entity organized under the laws of the United States, is required to file the FBAR, using Form TD F 90-22.1, with the U.S. Treasury Department by June 30 of each year with respect to foreign financial accounts that had an aggregate value of more than $10,000 and that the person had a financial interest in, or signature authority over, during the previous calendar year. Failure to file the FBAR, which requires basic information about foreign domiciled accounts, can result in significant civil and/or criminal penalties.
 The FBAR regulations establish an exception from the requirement to file an FBAR for signature authority with respect to the reportable accounts of the employer for officers and employees of any of the following: (i) banks or other depository institutions subject to functional regulation by a federal agency that also examines them for Bank Secrecy Act (“BSA”) anti-money laundering compliance; (ii) entities the shares of which are listed on any U.S. national securities exchange; (iii) an “Authorized Service Provider,” defined as an entity registered with and examined by the Securities and Exchange Commission (the “SEC”) and that provides services to an investment company registered under the Investment Company Act of 1940; (iv) an officer or employee of a “financial institution” (as defined by the BSA) that is registered with and examined by the SEC or the Commodity Futures Trading Commission; and (v) an entity that has a class of equity securities registered (or American depository receipts in respect of equity securities registered) under section 12(g) of the Securities Exchange Act.
 For further information on the FBAR requirements generally, please see Willkie Farr & Gallagher LLP Client Memoranda: “Treasury Department Issues Revised Rules For Reporting Foreign Financial Accounts” (Mar. 16, 2011), available here, “Update on Foreign Bank and Financial Account Reporting: IRS Issues Revised FBAR Form and Instructions” (Apr. 1, 2011), available here, “Treasury Department Agencies Extend The ‘FBAR’ Deadline For Some Filers With Signature Authority Over Foreign Financial Accounts” (June 20, 2011), available here, “Treasury Department Extends FBAR Deadline Until June 30, 2013 For Certain Filers” (Feb. 24, 2012), available here, and “Internal Revenue Service Has Revised FBAR-Related Questions on U.S. Form 1040, Schedule B” (Mar. 15, 2012), available here.
Joseph A. Riley is a Partner in the Tax Department of Willkie Farr & Gallagher LLP.