Friday, August 7, 2015

FBAR Deadline Changed to April 15

As part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) signed into law by President Obama on July 31, 2015, the deadline for filing Foreign Bank Account Reports (“FBARs”) has been changed from June 30 to April 15, thereby coinciding with the due date for an individual to file her or his federal income tax return.

For 2015 FBARs, the filing deadline remains June 30, 2016.  FBARs for all years beginning in 2016 will be April 15 of the following year, the same due date for filing individual tax returns.  The Act directs the Treasury Department to issue regulations allowing for a maximum 6-month extension (the same period as individual tax returns) to file the FBAR and to automatically extend the filing date for U.S. citizens and residents living outside the country until June 15; previously no extensions were permitted.  It also gives the Internal Revenue Service the authority to waive penalties for first-time FBAR filers who miss the new April 15 deadline and do not ask for an extension.