Charles Ruchelman Discusses FBAR Filing and Deadlines with Daily Tax Report
Tax return due dates and extensions apply to the reports U.S. taxpayers with foreign bank accounts sent to the Financial Crimes Enforcement Network (FinCEN), the IRS said.
Tax returns and the annual Report of Foreign Bank and Financial Accounts (FBAR), Form 114, both must be filed electronically by April 18. FinCEN will give taxpayers who miss the spring deadline an automatic extension until Oct. 16, the Internal Revenue Service reminded taxpayers in an April 13 news release (IR-2017-82). Specific extension requests aren't required.
The FBAR deadline was previously June 30, and no extensions were available. The availability of extensions was included in the Surface Transportation Act in July 2015, and FinCEN announced in December that the extensions are automatic.
Excerpt taken from the article “Tax Return and Foreign Bank Reporting Deadlines Align: IRS” by Laura Davison for Daily Tax Report.