If you have a financial interest in or signature authority over a foreign financial account, you’re likely aware that the Bank Secrecy Act may require you to file a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Prior to 2017, this filing deadline was June 30th each year. However, beginning with reporting for the 2017 tax year, the new annual FBAR filing deadline is April 15th (with an automatic extension available).
The date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act). Specifically, the Act changes the FBAR deadline to April 15th to coincide with federal income tax filing season. The Act also mandates a maximum six-month extension of the filing deadline. FinCEN will grant filers failing to meet the April 15th FBAR deadline an automatic extension to October 15th each year. Specific requests for this extension are not required.
For more information on filing the FBAR, read “Filing Your Foreign Bank Account Report: 10 Things to Know.”
Cohen & Company is not rendering legal, accounting or other professional advice. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts and circumstances.
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