FBAR Due Date Revised
The Foreign Bank and Financials Report (“FBAR”) is used to report signature authority over or a financial interest in a foreign financial account. The report formerly done on a Form TD F 90-22.1 is now done, electronically, via a FinCEN Form 114.
Generally, for years ending through December 31, 2015, those with foreign accounts that aggregate a value that exceeds $10,000 at any time during the calendar year must file a Financial Crimes Enforcement Network (“FinCen”) Form 114. These reports are due to the Treasury Department on or before June 30 of the year following the calendar year being reported on. The filing date cannot be extended.
Under the recently passed Highway Trust Fund extension law, the due date and ability to extend the due date has been revised for years beginning after December 31, 2015. The Department of the Treasury has directed that the FinCEN Form 114 will be due on April 15 of the year following the calendar year being reported on. Treasury will allow an extension for a period of 6 months that would extend the due date until October 15. In addition, the Department will be providing first-time abatement relief to those required to file for the first time who fail to request or file an extension.