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2016 FBAR Still Due [Update – April 18], 2017, But With Option to Extend to October 15

[12/22/16 Update: FBAR Due April 15 each year, but April 18, 2017 for 2016 FBAR, and extension is automatic to October 15, 2017 – see post here) to In a rare swift move by the House, the Senate, and the President, H.R. 3236 was passed over the course of about three days, becoming Public Law No. 114-41.  Titled the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, it included several directives to the Secretary of the Treasury to issue regulations providing for maximum extensions of several different tax deadlines.  Among them were the deadlines for the Form 3520-A, Information Return of a Foreign Trust with a United States Owner, for the Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and for the FincCEN Report 114 (the FBAR).  The relevant language of P.L. No. 114-41 is in subsections (b)(9)-(11)  of Sec. 2006, which provides:

(9) The due date of Form 3520-A, Annual Information Return of a Foreign Trust with a United States Owner, shall be the 15th day of the 3d month after the close of the trust’s taxable year, and the maximum extension shall be a 6-month period beginning on such day.
(10) The due date of Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, for calendar year filers shall be April 15 with a maximum extension for a 6-month period ending on October 15.
(11) The due date of FinCEN Report 114 (relating to Report of Foreign Bank and Financial Accounts) shall be April 15 with a maximum extension for a 6-month period ending on October 15 and with provision for an extension under rules similar to the rules in Treas. Reg. section 1.6081-5. <<NOTE: Waiver authority.>> For any taxpayer required to file such Form for the first time, any penalty for failure to timely request for, or  file, an extension, may be waived by the Secretary.

The full text of the bill can be found at www.congress.gov.

Daniel Layton, tax attorney and author of this blog post, manages a law office in Anaheim, California.

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