FBAR Filing Deadline Changes

A note for any US taxpayers living abroad that are required to file the FBAR (Reports of Foreign Bank and Financial Accounts). Starting with the 2016 tax year, the filing deadline has changed from June 30 to April 15, to coincide with the regular tax filing deadline in the US. When we learned about this today we were (briefly) alarmed, as we had received no notice of this change. Previously we have posted about some of the stiff penalties that can be imposed for failing to file FBARs. However thankfully the IRS is granting automatic extensions until October 15, without any need to submit a request. Although it is kind of odd, that they simultaneously shortened the deadline while also extending it. Either way FBAR filers will take it.

So if you missed out on the earlier filing deadline, fear not, you can still get it in without penalty.

For more information see the FinCEN website: https://www.fincen.gov/news/news-releases/new-due-date-fbars-0

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