Accelerated deadline for 2012 US FBAR Filing: Must
be RECEIVED by June 28, 2013
US citizens who live abroad, including Canada, need to be aware
of a quirk of this year's calendar that accomplishes the
impossible – adding pressure and confusion to the FBAR filing
process. While US tax law is not known for its benevolence,
it does at least offer the "mailbox rule", which
(generally) considers a document submitted on the date that it is
postmarked (international filers should check with their advisors
to determine how this applies in their specific locale). The
FBAR, however, has its origins not in US tax law but rather in the
Bank Secrecy Act and is not subject to the mailbox rule.
Therefore, an FBAR is only filed when it is RECEIVED by the US
government. Because June 30th (the deadline for
FBAR filing) falls on a Sunday this year, filers must allow
sufficient time for their FBARs to be actually received by the IRS
by Friday, June 28, the last business day before the
deadline. Failure to properly file an FBAR can give rise to
civil (and in certain cases criminal) penalties starting at
This additional complexity is yet another good reason to file an
FBAR electronically. By filing electronically, filers receive
contemporaneous acknowledgement of their filing and save potential
significant expense of registered mail or overnight delivery.
Filers should take note that a registration process is required as
part of the filing and factor this requirement into their
procrastination. The US Treasury website for FBAR filing can
be accessed here. Filers intent on filing actual
paper forms must submit these forms to the following addresses:
Department of the Treasury
Post Office Box 32621
Detroit, MI 48232-0621
IRS Enterprise Computing Center
ATTN: CTR Operations Mailroom, 4th Floor
985 Michigan AvenueDetroit, MI 48226
Given the accelerated deadline, please ensure that you file your
FBAR on time to avoid nasty penalties!
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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