How a Law Passed in July Affects the FBAR Due Date
Ever since the Foreign Account Tax Compliance Act (FATCA) went into effect, holding assets and money overseas has been a dicey proposition for U.S. citizens. The law gives the U.S. government far-reaching influence over assets and accounts in other countries that are held by U.S. citizens.
Still, holding assets overseas was always a complicated endeavor for U.S. citizens. One of the processes that people with assets overseas need to follow is filing the FBAR, or the Report of Foreign Bank and Financial Accounts. The form for the FBAR is called Form 114, and it must be filed by any U.S. citizen that holds at least $10,000 overseas.
One of the most confusing aspects of the FBAR was the fact that it wasn’t due on the same day as your tax filing. This caused plenty of confusion, and the due date didn’t make much sense. Thankfully, a new law was passed that altered the due dates of many important forms — and one of these altered due dates relates to the FBAR.
The FBAR is now due on the same day as your tax filing. On April 15, you can submit your tax forms and your FBAR. Extensions on an FBAR will align with extensions for your tax filing due date too, though FBAR extension won’t take effect until 2017.
It may be a small change, but it is an important one. If you have holdings overseas and are confused about your tax situation — or need help with your FBAR — consult with an experienced tax attorney as soon as possible.
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