•  
  •  
Request a Free Consultation 
Tax, Estate Planning & Probate Law Center
(732) 623-9800

Permanent annual automatic extensions granted for FBARs to October 15

- By : Parag Patel Date : 21-Dec-16

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced last week that, to implement the new due date for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), of April 15 (April 18 for 2017), it will automatically grant all taxpayers filing the form a six-month extension every year to Oct. 15 (which will be Oct. 16, 2017, because Oct. 15 is a Sunday). To implement the new law with minimal burden to the public and FinCEN, FinCEN said it will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year.  FinCEN explained that this six-month extension will be automatic each year and that taxpayers do not have to request extensions.

Section 2006(b)(11) of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41, changed the due date of FBARs to April 15 to coincide with the due date for individual income tax returns. Before the change, the form was due on June 30, a date that did not coincide with any other individual income tax return deadline, and no extensions were allowed.

The Bank Secrecy Act and its regulations require FBAR reporting from “[e]ach United States person having a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country”, if the aggregate maximum values in that person’s foreign accounts exceed $10,000 at any time during the calendar year.

Related Posts

  • 15 IRS Audit Tips

    1. In an audit, you must convince the IRS that you reported all of your…

  • IRS Issues Reminders for FBARs and other International Requirements

    The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual…

  • Year End Estate Planning Tips - Make Annual Exclusion Gifts

    This year the annual gift tax exclusion is $13,000 per person and in 2010 the…

  • Previous
  • Next

Parag Patel

Follow me on :

View more post of Parag Patel

Search

Categories

  • Estate Planning and Probate
  • Planning for Tax Minimization

Recent Posts

  • Increased IRS Enforcement Expected Against High-Income Taxpayers April 7, 2021
  • New Favorable Court Decision: One penalty (not multiple) applies for late FBAR filing March 25, 2021
  • Parag Patel to be Speaker for Estate Planning at Practicing Law Institute’s NJ Basic CLE Marathon 2021 February 16, 2021
  • Parag Patel to be Speaker for Estate Administration at Practicing Law Institute’s NJ Basic CLE Marathon 2021 February 15, 2021
  • New IRS Relief for Taxpayers Experiencing COVID-related Difficulties February 15, 2021
  • New Tax Laws Predicted February 13, 2021
  • Rare confluence of tax law and immigration law February 11, 2021
  • The New DIIRSP: I like the old better February 7, 2021
  • Automatic Form 5471 and 5472 Penalties in Spotlight by 2020 National Taxpayer Advocate Report January 14, 2021
  • Client Case Study: Tax Savings Now January 14, 2021
  • Democratic Win Means Estate Tax Law Changes January 9, 2021
  • Canceled Debt: Taxable or Not January 7, 2021
  • Home
  • About
  • Blog
  • Contact Us
Request a Free Consultation 

Our Other Sites
Patel Law Offices
Patel Law Blog
Late FBAR
IRS Revoked Passport
Late 5471
Late 8938
FL Residency
Patel Law Office 60 Walnut Avenue,Suite 202 Clark, New Jersey 07066
(732) 623-9800 mail@PatelLawOffices.com
  •  
  •