If you have financial interests in, or signature authority over a foreign financial account (bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds), you may be required by the Bank Secrecy Act to report the account annually. Reports are made to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).
April 15 is the new annual due date for filing FBARs. Section 2006(b)(11) of the Act changes the FBAR due date to April 15 to coincide with the federal income tax filing season.
The Act also establishes a maximum 6-month extension of the filing deadline. To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year; specific requests for this extension are not required.
For any questions about FBAR filing, timing or requirements, reach out to us for help. Contact the Florida offices of TaxProblemSolver.com today at 727-894-2099 or 407-629-5923. Or you can email me, Larry Heinkel at larry@taxproblemsolver.com. Our team of IRS Enrolled Agents (EAs), Tax Resolution Attorney and CPA helps taxpayers NATIONWIDE and we’re here to provide quality assistance to your most important tax issues.
