There are significant changes to FBAR filing dates that will affect you in the coming years. FBAR (or FinCEN Form 114, Report of Foreign Bank and Financial Accounts) is a report filed with the Financial Crimes Enforcement Network (FinCEN) advising of financial accounts a U.S. person owns or has signatory authority held outside the U.S. with banks or other financial institutions. According to the FinCEN, you must file Form 114 if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.
FBAR Filing Date Change
For the year 2015, the filing deadline date for the FBAR is still June 30, 2016. However, beginning in 2016 the filing deadline date has been moved up to April 15, 2017. Until further notice issued by the FinCEN, the filing deadline date will remain at April 15th of the year following.
A failure to comply with FinCEN reporting requirements properly and in a timely manner will result in significant penalties. Crest Key arms its clients with a real connection to relevant advice, so that they understand the implications of this classification and their foreign bank account reporting obligations.