The deadline for filing the FBAR (Form TDF-90-22.1 ) is June 30 of the year following the filing year. So, by way of example, the FBAR for the 2011 tax year is due June 30 of 2012. Any penalties for failure to file the FBAR must be assessed, generally, within six years of the filing due date. Therefore, using the 2011 tax year again as an example, penalties would have to be assessed by June 30, 2018. Many taxpayers in the 2011 Offshore Voluntary Disclosure Initiative are now being sent forms to agree to extend this statute of limitations. In most cases, the IRS is asking for a one-year extension on the earliest open year in the 2011 OVDI which, in most cases, is the 2005 year. The form is straightforward and quite similar to the IRS Form 872 with which taxpayers are familiar as part of their initial 2011 OVDI filing.
As with any IRS or Treasury form, if you have any questions, it is prudent to contact a tax professional.