AICPA Seeks Greater Leeway on Filing FBARs as Deadline Nears

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The American Institute of Certified Public Accountants is urging the government to offer more leeway to taxpayers as a June 30 deadline approaches for filing the Report of Foreign Bank and Financial Account, an AICPA official tells BNA. Following a May letter on the issue, the group is continuing to ask the Financial Crimes Enforcement Network to eliminate or reduce prior-year filing requirements for those with signature authority over, but no financial interest in, a foreign financial account, Michelle Koroghlanian, an AICPA technical manager, says. Guidance unveiled by FinCEN and IRS in May still leaves many taxpayers struggling to comply with complex FBAR filings by the deadline, she says.