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.
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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.
**Note that “US person” has a special IRS definition… which is not quite citizen, resident, nor two legged.
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.
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Feel free to copy while giving proper attribution: YucaLandia/Surviving Yucatan.
© Steven M. Fry
Read-on MacDuff . . .
Hola Steve are there any changes to the Mexican Land Trust (fideicomiso) exemption since June 2013? Thanks so much for your continued, invaluable posts! ‘Carmen’
No changes. The exemption is still in place.