Tax Alert: New Due Date for Foreign Bank Account Reports

One of the provisions of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 was to change the due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) to April 15. The Act also provided for a maximum six-month extension for filing. This was done to coincide with the Federal tax filing season instead of using the previous June 30 due date that did not align with any other individual filings. To implement this new due date with minimal burden to both the public and FinCEN, last month FinCEN announced that they were granting all filers failing to meet the FBAR due date of April 15 an automatic extension to October 15 each year – in other words, permanently. Therefore, no extension request for FBAR is required. Note that the due date for filing FBARs for 2016 is April 18, 2017, which will be automatically extended to October 16, 2017.