February 1, 2017
The FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (FBAR), is filed by taxpayers (both individuals and entities) that have a financial interest in, or signature authority over, a foreign financial account. In prior years, the FinCEN Form 114 required filing by June 30 to report foreign accounts for the previous calendar year and no extension was available. In legislation signed last year, the due date to report 2016 (and future years) foreign bank accounts changed to April 15, with a maximum six-month extension available.
To ease the burden on taxpayers required to file these forms, the Financial Crimes Enforcement Network (FinCEN) recently announced it would grant an automatic six-month extension to taxpayers who do not meet the April 15 filing deadline, and no extension request is required.
Click here for the full FinCEN announcement. If you have any questions regarding foreign bank account reporting, contact Gelman, Rosenberg & Freedman Tax Partner Dick Locastro, CPA, JD at email@example.com or 301-951-9090.