Recent Legal Changes Affecting Business New Due Date for Filling FBAR
The new due date for filing the Report of Foreign Bank and Financial Accounts (“FBAR”) is April 15, with the availability of an automatic extension to October 15.
The U. S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) oversees the reporting of the FBAR. The due date for the 2016 FBAR is Tuesday, April 18, 2017, which coincides with most taxpayers’ income tax return due date. FINCEN’S guidance provides for an automatic six- month extension to October 15 for all FBAR filers, without the need to file an extension request. Since October 15, 2017 will be a Sunday, the extended deadline will be Monday, October 16, 2017.
Generally, a United States person who has a financial interest in or signatory authority over foreign ( i. e., non- U. S.) financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds USD 10,000 at any time during the calendar year. Form FINCEN 114 must be completed and filed electronically. The form FinCEN 114 is available at this website: http:// bsaefiling. fincen. treas. gov/ main. html
For more information contact John Andes at KPMG Phoomchai Tax Ltd. at jandes@ kpmg. co. th.