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New Due Date for Missionary FBARs

By Anonymous
Notice:

 Individuals holding or acting as signatories on certain foreign bank accounts must file annual disclosures with the IRS. This includes a number of missionary clients of MinistryCPA. As of the 2017 filing season (year ended December 31, 2016), FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) will be due on April 15.

 According to Act Sec. 2006(b)(11) of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,

"The due date of FinCEN Report 114 (relating to Report of Foreign Bank and Financial Accounts) shall be April 15 with a maximum extension for a 6-month period ending on October 15 and with provision for an extension under rules similar to the rules in Treas. Reg. section 1.6081–5. For any taxpayer required to file such Form for the first time, any penalty for failure to timely request for, or file, an extension, may be waived by the Secretary."

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