Changes are coming to the FBAR filing due date!
Beginning in 2017, with the filing of your 2016 FBAR, the new due date for an individual to file an FBAR will be April 15th, with the option to file an extension to October 15th. Currently, the FBAR is due June 30th with no option for extension.
The FBAR (Report of Foreign Bank and Financial Accounts) is a required filing for U.S. persons** having a financial interest in, or signature authority over, foreign financial accounts with a combined total value exceeding $10,000 at any time during the calendar year. The FBAR is filed on FinCEN Report 114.
The changes are a result of a highway funding extension bill which President Barack Obama signed into law on July 31, 2015. The bill included due date changes to the FBAR filing, as well as to partnership and C Corporation tax returns. Partnership tax return due dates will change to March 15th from the current due date of April 15th. The new due date for C Corporations will be April 15th (for calendar-year fiscal periods) instead of the current March 15th deadline (for calendar-year fiscal periods).
But, remember – the new FBAR due date takes effect in 2017, so your 2015 FBAR deadline is still June 30th 2016 (with no option for extension!).
FBAR’s can be self-efiled here: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
If you need help filing an FBAR or need to file late FBAR’s for previous years, please contact us. The IRS has a few different options for filing late FBAR’s and it is important that you file correctly based on your situation to mitigate any potential large penalties.
** U.S. persons means U.S. citizens (including minor children); U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the U.S. or under the laws of the United States; and trusts or estates formed under the laws of the U.S.