The FBAR due date has been changed from June 30 to April 15. If you file an extension for your personal return, you will have until Oct. 15 to submit your FBAR.
Finally the US government has done something which makes sense. This change to the FBAR due date will help new expats big time. Here’s why:
The FBAR was due on June 30 which made no sense. Oh so many newbie expats missed the filing deadline because they assumed the FBAR was due with their tax return. And because most expats file extensions, especially those looking to qualify for the Foreign Earned Income Exclusion using the physical presence test, the June 30 deadline was missed.
Fyi… The FBAR is not filed with your Federal tax return. In fact, it is not filed with the IRS at all. The FBAR is sent to FINCEN or filed through the FINCEN portal online.
But now the FBAR due dates have changed from June 30 to April 15. This means the due date is linked to the due date of your personal income tax return. You still file the return with FINCEN, but it is due on the same date as your personal return
This change to the due date of the FBAR is applicable for taxpayers after December 2015.
With the change in dates of filing of FBAR there has been no change in the filing requirements. The standard rules are as follows:
- The minimum amount of $10,000 is required to have in the FinCen 114 (FBAR) account and it should be filed.
- Failure to timely file or failure to request for the extension to file the FBAR are subject to extreme penalties.