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Focus on Taxation: New Deadline of FinCEN Report 114 - Report of Foreign Bank and Financial Accounts (FBAR)

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In 2015, Congress made significant revisions to the due dates for filing many important and common returns, including FinCEN Report 114, Report of Foreign Bank and Financial Accounts (known as the FBAR).
January 19, 2017

In 2015, Congress made significant revisions to the due dates for filing many important and common returns, including FinCEN Report 114, Report of Foreign Bank and Financial Accounts (known as the FBAR).

For the 2016 calendar year FBAR, the new due date is April 15, 2017, with a maximum extension for a six-month period ending on October 15, 2017.  To ease transition to the new due date, the calendar 2016 FBAR six-month extension is automatic.  Accordingly, no specific request for this extension is required.

United States persons are required to file an FBAR if:

  • The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  • The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

United States persons includes U.S. citizens, U.S. residents, entities including but not limited to, corporations, partnerships or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

Please consult your RubinBrown advisor with any questions on the new regulations.

 

Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.

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