Some FBAR Filers With Signature Authority To Get One-Year Extension, IRS, FinCEN Say

Certain individuals with signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the current June 30, 2011, deadline, the Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) announced May 31.

The extension applies to “a small subset of individuals with only signature authority” required to file FBARs, according to an IRS news release (IR-2011-57), and specifically to:

• an employee or officer of a covered entity who has signature or other authority over and no financial interest in a foreign financial account of another entity ...