GSCPA Secures FBAR Filing Extensions for Georgia Counties Impacted by Hurricane Idalia
The Georgia Society of Certified Public Accountants (GSCPA) recently requested that the Financial Crimes Enforcement Network (FinCEN) provide Hurricane Idalia victims in affected areas of Georgia relief for filing their Report of Foreign Bank and Financial Accounts (FBAR) reports that are currently due no later than October 15, 2023. Due to this direct ask, GSCPA has just been notified that the filing deadlines for any of the Georgia counties that have received an IRS filing extension due to the impacts of Hurricane Idalia has been extended to February 15, 2024. This initiative reflects GSCPA's commitment to both the CPA profession and the broader public, ensuring that those affected by unforeseen circumstances like hurricanes are granted additional time and flexibility in meeting their financial reporting obligations.
For more on legislation and representation or to locate your local representatives, visit www.gscpa.org. If you have any questions on this issue, contact Don Cook, vice president, legislative affairs at 404-877-2154 (mobile) or firstname.lastname@example.org.
The Georgia Society of CPAs (GSCPA) requests that FinCEN provide Hurricane Idalia victims in affected areas of Georgia relief for filing their Report of Foreign Bank and Financial Accounts (FBAR) reports that are currently due no later than October 15, 2023.
The Georgia Society of CPAs is concerned with the lack of any statement from FinCEN about any counties in Georgia (that were impacted by Hurricane Idalia) as qualifying for filing relief in the form of FBAR filing extensions. FEMA, the IRS, and FinCEN should be in lockstep when natural disasters come through any of the US States or Territories. FEMA made it’s designations for counties in Georgia that qualify for Individual and Public assistance, and the IRS followed up quickly by granting filing extensions in these areas. The issue now is that FinCEN has put out a blanket statement saying any areas that are designated by FEMA for individual assistance after a certain date (9/14/23) would be automatically included as having FBAR filing extensions. This automatic extension would not include the larger list of counties that FEMA qualified for public assistance. Our ask is that FinCEN clarify all of the counties in Georgia that qualify for a FBAR filing extension.
The Georgia Society of CPAs will continue these efforts and ask FinCEN for FBAR filing extensions and allow for additional time for small businesses and their CPA business advisors to comply with these requirements. GSCPA will continue to actively participate in the process. We’re working for you!