Foreign Bank Account Reporting Deadlines for 2016 and Beyond

The US Treasury and the IRS have granted an automatic extension of the deadline for the annual filing of foreign bank account information, more commonly known as FBAR.

US tax residents (including US citizens and “Green Card” Holders) are generally required to file an annual report detailing certain information with regards to any foreign accounts over which the taxpayer has:

  1. An interest in or signatory or other authority whose aggregate value exceeded $10,000 at any time during each year.
  2. This includes not only foreign (non-US) bank accounts but also brokerage accounts, mutual funds, trusts, or other types of foreign financial accounts.

Historically, the FBAR must be filed electronically with the Financial Crimes Enforcement Network (FinCEN) through BSA E-Filing by June 30 of each year.

For the tax-year ended December 31, 2016 onward the timing of the filing deadline for FBARs has been changed and now follows the same timing as the US personal federal income tax return, which is June 15 for those residing outside the US with an ability to automatically extend the filing to October 15 by formal request.

While the FBAR for the 2016 tax year should be filed electronically by April 18, 2017 a special automatic extension has been provided for this transition year only. The FinCEN has granted filers missing the April 18 deadline an automatic extension until Oct. 16, 2017 to file the FBAR Form without having to make any special request or notification to Treasury or the IRS that the filing will be after the April 18 deadline.

This special extension applies only to the FBAR and does not affect the deadlines for filing of personal income taxes which remain June 15 or October 15, if extended, as is normal. 

For more information on Asean tax updates please contact Lin Li or Joost Vrancken Peters

The collaboration with ASEAN partner DFDL enables Kneppelhout & Korthals to have the largest Asian practice within the Benelux. Together with DFDL Kneppelhout & Korthals provides a full ASEAN-region & China coverage. 
Click here for the original DFDL article.