Certain taxpayers must annually report their foreign financial accounts to the U.S. Treasury by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement Network (FinCEN) Form 114. Specifically, U.S. taxpayers must file an FBAR to report a financial interest in an account located outside the U.S. if the aggregate value exceeds $10,000 during the calendar year. FinCEN is providing filing relief to taxpayers who’ve been affected by the Hawaii wildfires and by Hurricane Idalia in parts of Florida. Eligible filers now have until Feb. 15, 2024, to file their FBARs for the 2022 calendar year. Otherwise, the filing date is Oct. 16, 2023.
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