August 31, 2015
On July 31st, President Obama signed a bill into law that included language changing the filing due dates for certain tax returns. The modifications were proposed originally by members of the American Institute of CPA’s frustrated by existing deadlines that resulted in late arrival of necessary information.
Included are the Report of Foreign Bank and Financial Accounts, or Form 114, colloquially known as the FBAR. Any U.S. person with a financial interest in, or signatory authority over, foreign financial accounts must file the FBAR, if at any time, the aggregate value of their relevant foreign account or accounts exceeds $10,000.
The permanent due date changes are effective in 2016 for the 2017 tax filing season and were passed by Congress on July 30 as part of a temporary Highway Trust Fund funding bill.
The Act states that the due date of FinCEN Report 114 shall be April 15 (along with their Form 1040), with a maximum extension for a 6-month period ending on October 15. It does not apply to taxpayers who missed the June 30, 2015 filing deadline for their 2014 FBAR.
To read the entire article, please visit www.accountingtoday.com.