New Filing Dates and Permanent Automatic Extensions for FBARs

Under the the Bank Secrecy Act and its regulations, U.S. citizens, green card holders or tax residents must report a financial interest in, or signature or other authority over, specified bank and other accounts in a foreign country on Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR), if their aggregate maximum values exceed $10,000 at any time during a calendar year.

In 2015, Congress changed the due date of FBARs to April 15 to coincide with the due date for individual income tax returns. Before the change, the form was due on June 30, a date that did not coincide with any other individual income tax return deadline, and no extensions were allowed.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently announced that, to implement the new due date for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), of April 15 (April 18 for 2017), it will automatically grant all taxpayers filing the form a six-month extension every year to Oct. 15 (which will be Oct. 16, 2017, because Oct. 15 is a Sunday).

FinCEN explained that this six-month extension will be automatic each year and that taxpayers do not have to request extensions.