From the Fincen website:
https://www.fincen.gov/news/news-releas ... te-fbars-0
The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act). Specifically, section 2006(b)(11) of the Act changes the FBAR due date to April 15 to coincide with the Federal income tax filing season. The Act also mandates a maximum six-month extension of the filing deadline. To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required. (Please note: The due date for FBAR filings for foreign financial accounts maintained during calendar year 2016 is April 18, 2017, consistent with the Federal income tax due date.)
I'm a bit confused with the allowance for an extension. For tax purposes, the extension to October 15 is called an "automatic extension" Automatic, in the sense that you don't have to justify the reason, but you still have to apply for it. With reference to the paragraph above, I'm confused where it says "Accordingly, specific requests for this extension are not required."
1) Does this mean that you do not have to even submit a 4868 for an automatic FBAR extension?
2) For US citizens/residents living in Canada, the deadline is June 15th without having to submit an extension request. Does that apply automatically to the FBAR?
Thoughts?
New FBAR deadline clarification
Moderator: Mark T Serbinski CA CPA
My understanding is that the new fbar deadline coincides with the tax return deadline...
So if you are resident in the US then it's April 18.
If you are out of country or non US resident (living in Canada) then your return due date is June 15, which also applies to fbar.
If you apply for extension for your tax return to October 15 using 4868, then this also applies to your fbar.
My understanding if you are not a US resident, is that you only need to submit 4868 for the October extension if you owe taxes. If no taxes owing then 4868 isin't required, however, you can still submit form 4868 as it doesn't hurt anything.
I generally submit a 4868 electronically through taxact prior to the June 15 deadline. Under payments I fill in what the refund is going to be that's due to the additional child tax credit. There is never tax payable to the IRS...at least not up to this point.
So fbar seems to follow return deadline including extensions. Apply for an extension specifically for your return and this carries over to fbar. Form 4868 is a return extension application form.
At least this is my understanding of it
So if you are resident in the US then it's April 18.
If you are out of country or non US resident (living in Canada) then your return due date is June 15, which also applies to fbar.
If you apply for extension for your tax return to October 15 using 4868, then this also applies to your fbar.
My understanding if you are not a US resident, is that you only need to submit 4868 for the October extension if you owe taxes. If no taxes owing then 4868 isin't required, however, you can still submit form 4868 as it doesn't hurt anything.
I generally submit a 4868 electronically through taxact prior to the June 15 deadline. Under payments I fill in what the refund is going to be that's due to the additional child tax credit. There is never tax payable to the IRS...at least not up to this point.
So fbar seems to follow return deadline including extensions. Apply for an extension specifically for your return and this carries over to fbar. Form 4868 is a return extension application form.
At least this is my understanding of it
The FINCen extension is truly automatic, in that nothing is required to be filed to get that extension. Recall that previous to the new law, NO extensions were allowed past the June 30 deadline, so there has never been any procedure in place for FINCen to grant any extensions, thus they have simply decided not to come up with any procedure. Essentially it means that FBAR can be timely filed by October 16, 2017, regardless of whether an extension to file 1040 was requested or not.
So, the decision to file for an 1040 extension should solely be based on whether one owes taxes or not, as in the past, and the 4868 should be accompanied by a tax payment for it to have any meaning. This applies whether you are a resident of US or not.
So, the decision to file for an 1040 extension should solely be based on whether one owes taxes or not, as in the past, and the 4868 should be accompanied by a tax payment for it to have any meaning. This applies whether you are a resident of US or not.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
A bit off topic from the FBAR question, but here's an additional question.
I understand that a taxpayer isn't penalized if there's no balance owing so filing a 4868 when there is a refund (or nil) is redundant. However, I've generally filed the 4868 even if a client doesn't have a balance due because certain forms (eg. 8938) have to be filed with a "timely filed return". Thus, I have taken the position that filing a 4868 for a return with an 8938 allows that return to be "timely filed" until October 15, whereas it would be considered late if the 4868 is not filed, and the return is filed after June 15th. Also, although I understand that the IRS generally permits the form 2555 to be filed late, at least up to one year late, the wording is such that it appears that they don't have to. Thus another reason to file 4868.
Am I being unnecessarily cautious, or am I correct in saying that a 4868 makes for a timely filing of 8938 and 2555 up to Oct 15th, the absence of which would technically make them "late"?
I understand that a taxpayer isn't penalized if there's no balance owing so filing a 4868 when there is a refund (or nil) is redundant. However, I've generally filed the 4868 even if a client doesn't have a balance due because certain forms (eg. 8938) have to be filed with a "timely filed return". Thus, I have taken the position that filing a 4868 for a return with an 8938 allows that return to be "timely filed" until October 15, whereas it would be considered late if the 4868 is not filed, and the return is filed after June 15th. Also, although I understand that the IRS generally permits the form 2555 to be filed late, at least up to one year late, the wording is such that it appears that they don't have to. Thus another reason to file 4868.
Am I being unnecessarily cautious, or am I correct in saying that a 4868 makes for a timely filing of 8938 and 2555 up to Oct 15th, the absence of which would technically make them "late"?
It is unnecessarily cautious, as it has been understood for years that October is the deadline for timeliness (for anything to do with 1040), but as Frank pointed out, there is no harm.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing