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FBAR extension

January 12, 2017 • Karen V • Log In to Post Comments

According to our RIA research the FBARs are automatically extended to October 15th.  My understanding from Spidell is that a separate extension is required.  Here's what I found on RIA and Spidell - which is correct?

~~Due Date for FBARs Automatically Extended to October 15 Each Year:
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due date for filing FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) to April 15 of the following calendar year, with a six-month extension to October 15 allowed. (Previously, the due date was June 30 of the following calendar year, with no extension allowed.) In an effort to smoothly implement this change, FinCEN will grant filers failing to meet the April 15 deadline an automatic extension to October 15 each year—a specific request for extension will not be required. The announcement can be found at www.fincen.gov/news/news-releases/new-due-date-fbars-0 . [Editor's Note: The due date for FBAR filings for foreign financial accounts maintained during 2016 is 4/18/17 (same as the federal income tax due date). An automatic extension will be granted to 10/16/17 because October 15 falls on a Sunday.]
 

 

Here's what I found on Spidell:

~~
~~The due date for filing the FBAR (FinCEN Form 114) changed from June 30 to April 15, and taxpayers will now be allowed a six-month extension. But, taxpayers must request an extension; it’s not automatic, and the extension form hasn’t been released yet. The Act also provides penalty waiver relief for taxpayers who are first-time FBAR filers and who file late by mistake
 

 


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