FBAR FILING DEADLINES

Date/Timing

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 made significant changes to the due dates and extension times of the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), for tax returns for tax years beginning after Dec. 31, 2015.

Who is affected

Any United States person with financial interests in or signature authority over foreign bank and financial accounts with a total balance exceeding US$10,000 at any time during the calendar year.

Details

FinCEN requires that FBARs be filed electronically.

FBAR filing is also required by certain individual United States persons even if they do not have a financial interest in a reportable account if they have signature authority over one or more reportable accounts. This may include an officer or employee of a United States entity who has the requisite control over the transfer or withdrawal of funds from foreign financial accounts.

As a result of the Act, the due date for FBARs will be changed From June 30th to April 15th. Additionally, a maximum extension will be available for a 6-month period ending on October 15.

Failure to file an FBAR report may subject the non-filer to civil and criminal penalties. Penalties for a willful failure to file can be as much as the greater of $100,000 or 50 percent of the amount in the account at the time of the violation. Since the statute of limitations for civil or criminal violations is generally six years for FBARs, total penalties from failure to file for multiple years could be more than the value in the account.

If you need more information, please visit our website. http://usglobaltax.com/fbar-filing-deadlines/