FinCEN Form 114 (FBAR) Report of Foreign Bank and Financial Accounts is an annual filing required for U.S. persons that have a financial interest in or signature authority (such as your relatives’ or employer’s account(s)) over foreign financial accounts, if the aggregate value of the foreign accounts exceeds $10,000 at any time during the year.
The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department changed the annual due date to April 15th for 2016 FBARs filed in 2017 and thereafter. The new due date is now in line with the individual income tax return filing deadline and a maximum six-month extension is available. Previously, the FBAR deadline was June 30th, and no extension was available. FinCEN has recently announced the extension will be automatic and there is no specific extension request that needs to be made. The extended due date will be October 15th.
More information can be found on the BSA website here. If you need to file an individual FBAR, get more information here: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
Please feel free to contact us if you have additional questions with the FBAR or FATCA filing and the new deadlines. Or please leave comments below that we can answer.