We finally have sane filing deadlines for income tax returns and FBARs (FinCen Form 114). But there is still a trap for the unwary.
Humans file income tax returns by April 15 .1
Humans can get extensions of time to file their income tax returns:
The old filing deadlines for FBARs confused everyone: June 30, no extensions possible. There is nothing like this in the normal income tax return filing procedures.4
Now the rules have changed: the filing deadline is April 15.
This new rule applies starting now. So you should be filing your 2016 FBAR by April 15, 2017.
If you miss the April 15 deadline, you automatically have until October 15 to file your FBAR. You do not need to file a form to get the extension.
The potential for “gotcha” exists for two sets of people:
These two extensions do not give you more time to file your FBAR.
In summary (because I love tables):
|2016 Tax Return Filing Deadline||File 2016 Tax Return By||File 2016 FBAR By|
|Normal Deadline||April 15, 2017||April 15, 2017|
|Automatic Extension||June 15, 2017||October 15, 2017|
|Use Form 4868||October 15, 2017||October 15, 2017|
|Send a letter||December 15, 2017||October 15, 2017|
|Use Form 2350||Whatever you put on Line 1||October 15, 2017|