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New Due Date for FBAR (FinCEN Form 114)
The FBAR form filing date will be aligned with annual income tax filing deadline of April 15 starting in tax year 2016 (filing in 2017 and succeeding years).
On July 31, 2015, President Obama signed a three-month highway funding extension bill called “The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” (H.R. 3236, Pub.L. 114-41). Under the new legislation, the due date of FinCEN Form 114 (known as the “Foreign Bank Account Report” or “FBAR”) will be April 15 instead of June 30 and filers will be granted a six-month extension of the deadline. Similar to individual income tax returns, US citizens residing abroad will receive an automatic extension of time to file the FBAR until June 15, with an additional four-month extension available to October 15.
Essentially, the new legislation conforms the due date of the FBAR to the individual income tax return filing deadline. Under prior law, the FBAR filing deadline was June 30, and no extension was available.
According to FinCEN, this date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act). Specifically, section 2006(b)(11) of the Act changes the FBAR due date to April 15 to coincide with the Federal income tax filing season.
The Act also mandates a maximum six-month extension of the filing deadline. To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required.
If you are unsure whether or not this applies to you or if you need help filing please contact Morey Glazer by phone at 972-385-0007 or by email at mglazer@glazerfinancial.com.
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