07 December 2018 - Article
Effective for the 2016 reporting year, the filing deadline for the Foreign Bank Account Report (FBAR) will be 15 April rather than 30 June. US citizens and residents abroad will receive an automatic two month filing extension to 15 June. Additionally, for the first time, an FBAR filing extension also is available to 15 October although a further extension to 15 December is not available. The changes mostly align with reporting deadlines for an individual's US federal income tax return and may signal an attempt to streamline FBAR filings with an individual's US federal income tax return. Please note, however, that this change does not discharge taxpayers from reporting their foreign bank accounts and foreign assets on other informational returns such as the Form 8938 Statement of Specified Foreign Financial Assets and Form 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.
The deadline for the 2015 reporting year remains at 30 June 2016.