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FATCA-FBAR

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This topic contains 1 reply, has 1 voice, and was last updated by  Serrano 2 years, 2 months ago.

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  • #5876

    Serrano
    Participant

    ‘Management’ has requested that we stop posting on the old site, so that a proper image of the threads contained there can be copied and migrated over to here.

    Therefore, I’m creating this thread, which will be an addendum to the Yanks with Foreign Bank Accounts thread, but now simply titled FATCA-FBAR.

    This thread applies only to US citizens and residents, who have a bank account outside of the US, which might have an aggregate value with the equivalent of $10,000 (ten thousand US dollars) or greater, anytime during the calendar year. When I first created the Yanks thread, back in 2011, about the importance of filing an FBAR, there were many scoffers, mostly non-US citizens.

    Now that FATCA has appeared on the scene, and other nations (such as the UK) are now copying the privacy invasion and information sharing initiated by the US Treasury Dept, by forcing foreign banks to disclose info about their account holders (or else be subject to extreme withholding on their foreign transactions), the issue no longer seems to be a laughing matter. The noose is tightening, world-wide! Nonetheless, if FATCA-FBAR does not apply to you, please refrain from making comments that are not constructive or informative on the subject.

    Aside from that preface, the purpose of this post is to inform those who have the need to know, that there has been a change in the date that one’s FBAR is due. Previously, it had to be filed (electronically) by June 30. Even if one requests an extension to file their income tax return (1040), the FBAR was still due by June 30, with no extension possible.

    Hidden within HR 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (???), which was recently passed by the US Congress and signed into law by the POTUS on July 31, is a provision that changes the FBAR due date to the same date one’s federal tax return is due: April 15. AFIK, the ‘no extension’ rule still applies.

    Again, your FBAR must now be filed by April 15, beginning in 2016 with your filing for accounting and tax year 2015.

    Within the same bill, the Infernal Revenue Service was granted six years to perform an audit in most cases, whereas previously it was three years. Que saco!

    LINKS

    http://www.forbes.com/sites/robertwood/2015/08/01/many-irs-tax-return-due-dates-just-changed-fbars-too/

    http://www.accountingtoday.com/news/tax-practice/fbar-deadline-moves-up-3-months-to-april-15-75509-1.html

  • #5883

    Serrano
    Participant

    EDIT: Good news! Previously, an extension to file your FBAR was not possible. With the new change to the FBAR being due on April 15, rather than June 30, similar to your filing your 1040 form, you can now request an extension for filing your FBAR (until Oct 15). But in order to receive the extension, request it prior to April 15.

    Boa sorte!

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