If you file reports of Foreign Bank and Financial Accounts (FBAR) for your organization or for your clients, then the date June 30th is probably burned into your memory. Historically, this form was due June 30th and no extensions were available, so remembering this off-the-normal-cycle-deadline was crucial.
2017, however, brings a new date to remember, and a new extension option. As a result of changes contained in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, the FBAR filing deadline has shifted forward to mid-April. The due date for FBAR filings for foreign financial accounts maintained during the 2016 calendar year is April 18, 2017, consistent with the Federal Income Tax Return due date. A six-month extension, to October 15, is also now available and specific requests for extension are not required.
This change is intended to reduce the burden of FBAR compliance and in the long run, that’s probably the result. In the short run, for those seeking to file by the un-extended deadline, it means 90 days less time than usual this year for compliance. Surgent has moved forward the offering dates of its annual FBAR-focused CPE webinars to coincide with the new deadlines. Click here for a list of upcoming courses.