06/29/2017
You may be aware of the 2017 changes to the Treasury Department’s Financial Crimes Enforcement Network (“FinCen”) Form 114 Report of Foreign Bank and Financial Accounts (“FBAR”).
Starting in 2017, for the 2016 reporting period, the FBAR form filing deadline is to be aligned with the annual income tax filing deadline which was on April 18, 2017. A six-month automatic extension of the filing deadline to October 16, 2017 is available without having to file a specific FBAR extension request. (Previously, the deadline for filing FBAR was June 30, without regard to the due date of the filer’s income tax return, and no extensions were available.)
Even though the FBAR due date is now aligned with the US income tax due date, you still need to file the FBAR form separately from your tax return. Thus please provide our firm your 2016 Foreign Bank Account activity at your earliest convenience using the 2016 FBAR Workbook uploaded to your ShareFile 2016 Client File Inbox. If you have any questions regarding this new date change please do not hesitate to contact us.