FBAR Due Date Changed To April 15
Following approval of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (isn’t it interesting how tax changes are surreptitiously entered into non-tax law measures…), the FBAR Due Date Changed.
The FinCen Form 114 (FBAR) due date has changed from June 30 following the end of each calendar year to April 15. This change is effective for tax years after 2015. In other words, starting with the FBAR for tax year 2016.
While the FBAR due date changed to an earlier date, this is great news for many taxpayers, as you can now get a six-month extension for the FBAR, just like tax returns until October 15 to prepare and file your FBAR. This will be the maximum extension permissible available to US taxpayers.
FBAR Filing Requirement Remains Unchanged
If you had foreign accounts that in the aggregate reached $10,000 or more at any point during the preceding calendar year, you must file the FinCen Form 114 (FBAR). The penalties for failing to file can potentially be a “parade of horribles” exposing US taxpayers to willful and/or non-willful penalties, possible even criminal penalties.
Partnership And Corporation Tax Return Due Dates Changed
Also starting after December 31, 2015, additional tax return due dates were also changed such as:
- Partnership tax returns are now due March 15, and not April 15 as in the past. If your partnership tax year is not a calendar tax year, the return is due on the 15th day of the third month following the close of your tax year.
- Corporate tax returns are now due April 15, and not March 15 as in the past. If your corporate tax year is not a calendar tax year, the return is due on the 15th day of the fourth month following the close of your tax year.
- S Corporation tax returns remain unchanged with a due date of March 15 or the third month following the close of the S corporations taxable year.
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