The American Institute of CPAs (AICPA) has called on the Financial Crimes Enforcement Network (FinCEN) to establish a policy that would automatically extend the filing deadlines for various reports following major disasters.
This includes reporting of Foreign Bank and Financial Accounts (FBAR) and Beneficial Ownership Information (BOI) reports for victims of significant disasters.聽聽
This appeal aligns with the AICPA’s recent request to the Internal Revenue Service (IRS) for filing relief in the aftermath of Hurricane Helene.
FinCEN has previously granted FBAR filing relief to disaster-affected individuals, but there is no standard procedure for automatic extensions.
The relief measures are said to have not consistently matched those of the IRS.
Moreover, FinCEN has not yet offered any relief for BOI reports, which were recently introduced.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTaxpayers are currently facing an FBAR filing deadline of 15 October, with additional BOI filing requirements due at year-end, within 90 days or 30 days.聽
The AICPA suggested that FinCEN should synchronise its extension policy with the IRS’ extended due dates under section 7508A, providing automatic postponements for FBAR and BOI filings whenever the IRS issues such postponements.聽聽
AICPA Public Accounting CEO Sue Coffey said in the letter: 鈥淭he relief provided by FinCEN should match the relief provided by the IRS for other filings, both in terms of the extended due dates and the geographic scope.鈥澛�
AICPA Tax Policy and Advocacy vice-president Melanie Lauridsen said: 鈥淰ictims of natural disasters should not have to endure the added stress and uncertainty of various filings with agencies such as the IRS and FinCEN.聽
鈥淐reating consistency and parity for automatic relief between these two agencies would alleviate pressure on taxpayers who are already struggling to rebuild.鈥�
Earlier this week, the AICPA, alongside the National Association of State Boards of Accountancy, proposed amendments to the Uniform Accountancy Act, including the introduction of the CPA Competency-Based Experience Pathway.
This proposed pathway is intended to offer an alternative route to CPA licensure.
