On March 1, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) intended to revise and clarify certain provisions in the rules regarding the filing of Reports of Foreign Bank and Financial Accounts (FBAR) under the Bank Secrecy Act. The revisions would mainly apply to financial professionals who file FBARs due to their employment responsibilities and persons having 25 or more foreign financial accounts.
The full text of the NPRM is available here.
Broadly speaking, the NPRM proposes to:
Remember, the FBAR is a calendar year report ending December 31 of the reportable year. Beginning with the 2016 tax year, as changed by recent legislation, the due date for FBAR reporting will be April 15 of the year following the December 31 report ending date. Under the new legislation, extensions of time to file FBAR will be permitted in certain cases of Americans residing abroad. You can read more here. The due date for the FBAR this year (i.e., your 2015 FBAR) remains June 30, 2016.
Filers can now choose between the current method of filing using an Adobe PDF or use the new online form that only requires an Internet browser to file. These options can be accessed here.
The information provided in this article is for general information purposes only. The information is not intended to be comprehensive or to include advice on which you may rely. You should always consult a suitably qualified professional on any specific matter.
Virginia La Torre Jeker J.D.
Virginia La Torre Jeker J.D., is based in Dubai. Virginia has been a member of the New York Bar since 1984 and is also admitted to practice before the United States Tax Court. She has over 30 years of experience specializing in the international aspects of US tax, including FATCA. She has been quoted in the New York Times and Newsweek, and is regularly quoted in many local news articles and publications."
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