A Reminder from the Taxation Committee on FBAR

IMPORTANT: ACCJ members who are US citizens or green card holders are required to file annual reports with the US government of most foreign (non-US, including Japanese) bank, brokerage and other accounts. Failure to file may be subject to substantial penalties.

FinCEN Form 114, Report of Foreign Bank and Financial Accounts Report ("FBAR") - NEW Filing Deadline **April 15th (October 15th with automatic extension)**

The new deadline to file the FBAR for the calendar year 2016 is now April 15th (the previous deadline was June 30th). However, the rule which mandated the new due date also allowed for a maximum 6 month extension to file the form. In order to implement the new rule with minimal burden, the Financial Crimes Enforcement Network (FinCEN) will grant filers who do not meet the April 15 deadline an automatic six month extension to October 15, 2017. Accordingly, specific requests for this extension are not required.

You may be required to file the FBAR for 2016 if you have an interest in or signature authority over a foreign financial account. The form must be completed and received by the Treasury Department by the extended due date of October 15th.  This filing must be done online through the Treasury Department’s Financial Crimes Enforcement Network BSA E-Filing system.  Paper submissions are no longer accepted.  

Please note that there could be significant penalties associated with not complying with the filing of this form.

The link below will take you to the site with more detailed information on the form and from which you may complete and e-file the form.

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

If you are unsure whether you are required to file this form, please consult a US tax professional.

ACCJ Taxation Committee