FBAR Due Date Changed

FBAR Due Date Changed

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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Tax Samaritan is a team of Enrolled Agents with over 25 years of experience focusing on US tax preparation and representation. We maintain this tax blog where all articles are written by Enrolled Agents. Our main objective is to educate US taxpayers on their tax responsibilities and the selection of a tax professional. Our articles are also designed to help taxpayers looking to self prepare, providing specific tips and pitfalls to avoid.

When looking for a tax professional, choose carefully. We recommend that you hire a credentialed tax professional such as Tax Samaritan that is an Enrolled Agent (America’s Tax Experts). If you are a US taxpayer overseas, we further recommend that you seek a professional who is experienced in expat tax preparation, like Tax Samaritan (most tax professionals have limited to no experience with the unique tax issues of expat taxpayers).

Randall Brody is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.

Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.

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