Client Alert: FinCEN 114 (the “FBAR”): New Filing Date of April 15 Each Year
Insights February 1, 2017
Be advised that the due date for the FBAR (FinCEN Form 114, Report of Foreign Bank and Financial Accounts) has been changed to April 15 to coincide with U.S. Federal Income Tax Filing and allows filers a maximum extension of six months, ending on October 15, to submit their FBARs. This new deadline will first affect FBARs due in 2017 for calendar year 2016. The U.S. Treasury has announced it will grant filers failing to meet the FBAR annual due date of April 15 this automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required. U.S. taxpayers generally holding greater than $10,000, in the aggregate, in foreign accounts outside of the U.S. are required to file the FBAR for informational purposes.
If you need further information, you can contact Melinda Fellner Bramwit, who focuses her practice on tax matters including federal, state and international tax, at melinda.bramwit@rimonlaw.com
Be advised that the due date for the FBAR (FinCEN Form 114, Report of Foreign Bank and Financial Accounts) has been changed to April 15 to coincide with U.S. Federal Income Tax Filing and allows filers a maximum extension of six months, ending on October 15, to submit their FBARs. This new deadline will first affect FBARs due in 2017 for calendar year 2016. The U.S. Treasury has announced it will grant filers failing to meet the FBAR annual due date of April 15 this automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required. U.S. taxpayers generally holding greater than $10,000, in the aggregate, in foreign accounts outside of the U.S. are required to file the FBAR for informational purposes.
If you need further information, you can contact Melinda Fellner Bramwit, who focuses her practice on tax matters including federal, state and international tax, at melinda.bramwit@rimonlaw.com
