January 11, 2017

Eager-beaver Yucalandia readers are, again,  on top of things !
Thanks Joe!
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 ~

https://www.fincen.gov/news/news-releases/new-due-date-fbars-0

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

and

** ~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.
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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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© Steven M. Fry
Read-on MacDuff . . .