FBAR deadline is April 18

The annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts has been changed from June 30 of each year to April 15.  This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act).  Section 2006(b)(11) of the Act changes the FBAR due date to April 15 to coincide with the federal income tax filing season.

All United States citizens and permanent residents who own or have signing authority over financial accounts valued in the aggregate at more than $10,000 and located outside the United States must file the annual FBAR report.  Penalties for failing to do so include criminal prosecution and forfeiture of up to 100% of the funds in the foreign account(s).

Extensions

The maximum extension for filing the FBAR is six months, to October 15.  Filers who fail to meet the FBAR annual due date of April 15 will receive an automatic extension to October 15 each year.  Accordingly, specific requests for this extension are not required.

Deadline for 2017

Because of the Washington D.C. holiday that falls in 2017 on April 15, the due date for FBAR filings for foreign financial accounts maintained during calendar year 2016 is April 18, 2017, corresponding to the federal income tax deadline.

For more information, contact Liza Farrow-Gillespie or Christian Kelso.

Farrow-Gillespie & Heath LLP | Dallas, TX

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