Hurricane Helene Victims Receive Relief for Filing Annual Reports of Foreign Bank and Financial Accounts (FBAR) by Arthur J. Dichter, JD, LLM, TEP

2024-10-07

The Financial Crimes Enforcement Network (FinCEN) today postponed the 2023 Report of Foreign Bank and Financial Accounts (FBAR) filing deadline from Oct. 15, 2024, to May 1, 2025, for taxpayers who live in federally designated disaster areas in the wake of Hurricane Helene. This six-and-a-half-month filing extension applies to qualifying taxpayers in Alabama, Georgia, North Carolina and South Carolina, as well as the following counties in Florida, Tennessee and Virginia:

• Florida: Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duvall, Escambia, Flager, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Monroe, Nassau, Okeechobee, Okaloosa, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton and Washington counties
• Tennessee: Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington counties
• Virginia: Grayson, Smyth, Tazewell, Washington, Wise and Wythe counties and the city of Galax

FBAR filers include U.S. citizens, resident aliens, trusts, estates and domestic entities with an interest in foreign bank accounts, securities or other financial accounts with an aggregate value exceeding $10,000 at any time during the tax year. This relief also applies to FBAR filers who live outside the covered disaster areas but maintain records in those jurisdictions as well as workers assisting with storm recovery efforts or affiliated with a recognized government or philanthropic organization.

About the Author: Arthur J. Dichter, JD, LLM, TEP, is the director in charge of the International Tax Services practice with Berkowitz Pollack Brant Advisors + CPAs, where he works with multi-national businesses, foreign trusts, and high-net worth foreign individuals to structure their assets and build wealth in compliance with U.S. income, estate and gift tax laws. He can be reached at the firm’s Miami office at (305) 379-7000 or via email at info@bpbcpa.com.

The post Hurricane Helene Victims Receive Relief for Filing Annual Reports of Foreign Bank and Financial Accounts (FBAR) by Arthur J. Dichter, JD, LLM, TEP appeared first on Berkowitz Pollack Brant Advisors + CPAs.