January 11, 2017
Eager-beaver Yucalandia readers are, again, on top of things !
We really do appreciate their really fine updates on changes in US Govt. rules for us expats abroad:
Dec. 16, 2016 ~ Treasury Department CHANGES FBAR Filing Deadline:
~ Who says Washington can’t get anything done ~
For people who claim that Washington can’t get anything done:
Imagine an 2015 innocuous Veteran’s Health Care bill, interwoven into a new Surface Transportation bill … and *poof* … Treasury moles sneak in changes in FBAR reporting due dates.
Consider the 2015 Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 … and YES… Our Washington leaders ARE accomplishing things.
But WAIT … In typical Washington-insider-power-player-speak …
Is the FBAR due date really April 15 ?
That would be far too succinct & clear-cut: Instead, our Pooh-bahs added some fine-print disclaimers:
* ~ The due date for FBAR filings for foreign financial accounts maintained during calendar year 2016 is April 18, 2017, because even though ‘the Act’ says April 15 … 2016 TY’s Federal income tax due date is special: April 18, 2017
** ~To implement the statute with ‘minimal burden’ to the public and (to make FinCEN’s lives easier) … FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year.
So… pick a date… any date: April 15… April 18 … Oct 15 …
They are all the same in Congress-world.
* * * *
For people whose memories are less-than-perfect, we checked our notes-to-self, and found that: Filing FBAR Foreign Financial Account Information for US Citizens for FINCEN 114 says
Who must file a Form 114 FINCEN FBAR Form:
- Any United States **~person~** who had a financial interest in or signature authority over at least one financial account located outside of the United States; and
- the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
Also see our Master article on Taxes at: IRS Tax Issues for Americans Living and Working Abroad in Mexico – Master Article for more FBAR and FATCA filing information & requirements.