New FBAR/FinCen deadline starting in 2017

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Cindy7
Posts: 6
Joined: Wed Jan 06, 2016 6:23 pm

New FBAR/FinCen deadline starting in 2017

Post by Cindy7 »

Deadline is changing when filing in 2017:

https://www.irs.gov/Businesses/Small-Bu ... ounts-FBAR

Note: The recently enacted Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changes the standard FBAR due date to April 15 beginning with the 2016 calendar year reports, which are due in 2017. The FBAR deadline for calendar year 2015 reports remains June 30, 2016 (with no extensions allowed).

I've also seen reference at another site that the Form 3520/3520A deadlines will both be April 15, 2017 - I don't do these forms so haven't done any further checking about them. And that for all 3 submissions we will be able to get a 6-month extension beginning in 2017.

With the earlier FinCen filing date I will probably need to switch to the Bank of Canada exchange rate as the US Treasury Dec 31 rate may not be available early enough.
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Why would you need to change?
https://www.irs.gov/Businesses/Small-Bu ... ange-Rates

The rates were published nearly 2 weeks ago.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
rafa02
Posts: 95
Joined: Sat May 26, 2012 3:18 pm

Post by rafa02 »

As I read the Fincen notice, it appears that a filing extention will be available after the 2015 filing year.

The FBAR is a calendar year report ending December 31 of the reportable year. Beginning with the 2016 tax year, the due date for FBAR reporting will be April 15 of the year following the December 31 report ending date as changed by section 2006(b)(11) of PL 114-41. If requested, this change also provided for a six-month extension of time to file the form (for tax years beginning after 2015).
Cindy7
Posts: 6
Joined: Wed Jan 06, 2016 6:23 pm

Post by Cindy7 »

Thank you for the link to the Dec 31 rate.

FBAR instructions have said to go to the US Treasury site which I have used in the past but they are slow to post and they keep changing the site - Currently I can only find the Q3 rate for 2015. Anyway, I will use your link now as the info is there and easy to find.
nelsona
Posts: 18363
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You might not be looking in the right place:
https://www.fiscal.treasury.gov/fsrepor ... tRates.htm
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Cindy7
Posts: 6
Joined: Wed Jan 06, 2016 6:23 pm

Post by Cindy7 »

Ooohh....I was looking at Historical rates. You're right, I should have been using the Current rate. Well, I now have 2 links to use!

Thanks - again.
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