{"id":18061,"date":"2018-03-30T09:00:15","date_gmt":"2018-03-30T13:00:15","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=18061"},"modified":"2020-09-17T05:45:40","modified_gmt":"2020-09-17T10:45:40","slug":"foreign-bank-account-report-fbar-due-date","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/foreign-bank-account-report-fbar-due-date\/","title":{"rendered":"Your Foreign Bank Account Report or FBAR Due Date"},"content":{"rendered":"
If you have a bank or brokerage account outside of the United States and had $10,000 or more in that account any time during the year, you must file a Foreign Bank Account Report or FBAR with the US treasury. In this post, I\u2019ll talk about the due date for FBARs in 2018. This date changed a couple of years ago and many are still confused about when to file their FBAR.<\/span><\/p>\n First, note that the form name for the FBAR is FinCEN Report 114. You can file this form online through the <\/span>BSA e-file system<\/span><\/a>. For a while, the IRS tried to refer to the form as FinCEN Report 114. By 2018, they gave up and went back to calling it the FBAR. <\/span><\/p>\n Second, the old rule was that your FBAR was due June 30. It did not matter when you filed your personal tax return, your FBAR was due June 30. <\/span><\/p>\n This created a lot of confusion for those filing their personal returns on extension or by October 15. Many did not meet with their accountants or tax preparers until well past the June 30 deadline and were at risk of significant penalties. <\/span><\/p>\n Because the penalties for noncompliance with the FBAR rules can be staggering\u2014up to 100 percent of the highest amount held in the pertinent foreign financial accounts for willful failures\u2014confusion put taxpayers with international accounts at great risk. <\/span><\/p>\n The new due date of your FBAR in 2018 is much more reasonable. You must file your FBAR on April 15 with your personal income tax return. If you get an extension for your personal return, you automatically get an extension for your FBAR. <\/span><\/p>\n So, if you file for a 6-month extension, the due date of your personal return and your FBAR becomes October 15. To reiterate, you DO NOT need to file a special extension for your FBAR in 2018. Your personal extension covers both your 1040 and your FBAR or FinCEN Report 114.<\/span><\/p>\n Here is the official statement from FinCEN and the IRS on the due date of your 2018 FBAR.<\/span><\/p>\n <\/p>\n ——————————————–<\/span><\/p>\n FinCEN would like to reiterate, as previously announced on our website in December 2017, the annual due<\/span>\u00a0date for filing FBARs for foreign financial accounts is April 15. This date change\u00a0<\/span>was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act). Specifically, section 2006(b)(11) of the Act changed then FBAR due date to April 15 to coincide with the Federal income tax filing season. The Act also allows an extension of the filing deadline of up to six months. To implement the statute with\u00a0<\/span>minimal burden, FinCEN will grant filers failing to meet the FBAR annual due date of April 15\u00a0<\/span>an automatic extension to October 15 each year. Accordingly, specific requests for this\u00a0<\/span>extension are not required.\u00a0<\/span><\/p>\nReport of Foreign Bank and Financial Accounts (FBAR) Due Date for Calendar Year 2018<\/b><\/h3>\n