Who must file the FBAR?

The Report of Foreign Bank and Financial Accounts (FinCEN Form 114) must be filed by any:

  1. U.S. citizen or resident.
  2. U.S. entity (including a corporation, partnership, or limited liability company (LLC) created or organized in the U.S. or under the laws of the U.S.).
  3. Trust or estate formed under the laws of the U.S., having a financial interest in, or signatory authority over, one or more financial accounts located outside of the U.S. having an aggregate value exceeding $10,000 at any time during the year.

New filing deadline

In the past, FBAR must have been received by the Department of the Treasury by June 30 of the following year and extensions were not allowed. Effective for the 2016 tax year, the FBAR filing deadline has been moved to April 15, 2017. In addition, FinCEN will grant a six-month automatic extension for filing up to October 15.

For the 2016 tax year, FBARs are due by April 18, 2017 (April 15 is a Saturday and April 17 is a federal holiday) and will be automatically extended to October 16, 2017 (October 15 is a Sunday).

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