FinCEN announces filing deadline for 2017 FBARs

By Sally P. Schreiber, J.D.

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its annual reminder of the due date for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report foreign financial accounts held in 2017.

FinCEN noted that the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41, changed Form 114’s due date to April 15 to coincide with the due date for filing federal income tax returns. The reminder also noted that this year’s due date is April 17, 2018, the same due date for individual federal income tax returns because April 15 is a Sunday and April 16 is a holiday in the District of Columbia.

The legislation changing the FBAR due date also provides for a six-month extension for filing the form to Oct. 15, 2018, which FinCEN has allowed to be implemented automatically. FinCEN again explained that filers did not have to do anything to take advantage of the extension and need only file the return by Oct. 15 to comply.

Taxpayers who have a Form 114 filing requirement must file electronically on FinCEN’s Bank Secrecy Act (BSA) E-Filing System website.

Sally P. Schreiber (Sally.Schreiber@aicpa-cima.com) is a Tax Adviser senior editor.

Newsletter Articles

SPONSORED REPORT

Get your clients ready for tax season

With the extended 2017 tax filing season drawing to a close, now is the time to get your practice and your clients ready for the 2018 season.

PRACTICE MANAGEMENT

2016 Best Article Award

The winners of The Tax Adviser’s 2016 Best Article Award are Edward Schnee, CPA, Ph.D., and W. Eugene Seago, J.D., Ph.D., for their article, “Taxation of Worthless and Abandoned Partnership Interests.”