Does the BSA allow a perfection period for FBAR Form 114?
Yes and no. Technically, the BSA does not have a "perfection period" like the individual or business returns. All FBAR returns are typically filed by April 15 (or October 15 automatic extension). If an FBAR filing is accepted with errors, the BSA recommends to correct and resubmit as soon as possible, and that corrections be made no later than 30 days after receiving the error notifications.
- FinCEN recommends that file error corrections be made no later than 30 days after receiving error notifications
- Furthermore, FinCEN recommends that filers remedy any systemic problems in their electronic submissions within 30 days of receiving error notifications.