{"id":1143,"date":"2016-05-19T15:01:00","date_gmt":"2016-05-19T09:31:00","guid":{"rendered":"https:\/\/www.nsglobal.com\/blog\/?p=1143"},"modified":"2025-07-16T15:55:18","modified_gmt":"2025-07-16T10:25:18","slug":"new-fbar-deadline-for-year-2016","status":"publish","type":"post","link":"https:\/\/www.nsglobal.com\/blog\/?p=1143","title":{"rendered":"NEW FBAR DEADLINE FOR YEAR 2016"},"content":{"rendered":"\n

President Obama signed the \u201cSurface Transportation and Veterans Health Care Choice Improvement Act of 2015<\/a><\/em>\u201d into law on July 31, 2015.<\/p>\n\n\n\n

The new law also revamps the FBAR filing due dates. In the case of returns for taxable years beginning after December 31, 2015, the due date for FinCEN Form 114 will change from June 30 to April 15, which is in line with a taxpayer\u2019s normal income tax return due date.  This means that FBARs for the 2016 calendar year will be due according to the new rules; FBARs  due for the 2015 calendar year will still be due June 30, 2016.<\/p>\n\n\n\n

The new deadline will first affect FBARs due in 2017 for calendar year 2016. Thus, FBARs  due for the 2016 calendar year will now be due on April 15, 2017.<\/strong><\/p>\n\n\n\n

Certain taxpayers will also be allowed a maximum six-month extension to October 15.<\/p>\n\n\n\n

The new law provides in part:<\/p>\n\n\n\n

The due date of FinCEN Report 114 (relating to Report of Foreign Bank and Financial Accounts) shall be April 15 with a maximum extension for a 6-month period ending on October 15 and with provision for an extension under rules similar to the rules in Treas. Reg. section 1.6081\u20135\u2026\u2026.\u201d<\/em><\/p>\n\n\n\n

The statute\u2019s use of language providing the FBAR extension will have provision for an extension \u201cunder rules similar to the rules in Treas. Reg. section 1.6081\u20135\u201d <\/em>is great news.  It appears from such language that United States citizens or residents whose \u201ctax homes and abodes\u201c, in a real and substantial sense, are outside the United States and Puerto Rico may soon have an automatic extension to June 15 to file not only their US income tax return, but their FBAR as well.<\/p>\n\n\n\n

In addition, it seems such persons can also be eligible for a longer extension to file the FBAR to October 15, simply by filing an extension that will apparently be similar to Form 4868.  We\u2019ll keep you updated as FinCen and the IRS provide further information.  Since FBARs are e-filed, it would make sense that the extension requests will have to go through the BSA e-filing system.<\/p>\n\n\n\n

Lastly! With regard to a taxpayer who is required to file an FBAR for the first time, the new law provides that the IRS may waive any penalty for failure to timely request, or file, an extension for the FBAR.<\/p>\n

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