{"id":3604,"date":"2017-10-03T16:49:43","date_gmt":"2017-10-03T08:49:43","guid":{"rendered":"http:\/\/expattax.com\/?p=3604"},"modified":"2017-11-24T11:55:12","modified_gmt":"2017-11-24T03:55:12","slug":"fbar-extended-deadline-just-days-away","status":"publish","type":"post","link":"https:\/\/expattax.com\/fbar-extended-deadline-just-days-away\/","title":{"rendered":"FBAR extended deadline just days away"},"content":{"rendered":"<h4 class=\"p1\"><span class=\"s1\">The IRS Has Extended Your Filing Deadline for Overseas Accounts &#8212; But You Must Act Now<\/span><\/h4>\n<p class=\"p1\"><span class=\"s1\">The good news is that the IRS has granted U.S. citizens and residents an automatic extension to file <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/report-of-foreign-bank-and-financial-accounts-fbar\"><span class=\"s2\">Reports of Foreign Bank and Financial Accounts (FBARs)<\/span><\/a>. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But just because the <a href=\"http:\/\/www.irs.gov\"><span class=\"s2\">IRS<\/span><\/a> has already granted you an FBAR extension if you haven\u2019t already filed one, you are still on the hook. You now only have a few days to meet the deadline, and by not complying, the IRS has become less tolerant for late filers (more on that below). <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The IRS instituted the automatic extension after moving the original filing deadline ahead this year by three months to April 15. It did this largely to bring the filing deadline in sync with that of the annual tax filings season for U.S. federal income taxes. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Specific to an extension for FBARs, the IRS says it has sought to implement the filing statute with a \u201cminimal burden to the public\u201d and has granted \u201cfilers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year.<span class=\"Apple-converted-space\">\u00a0 <\/span>Accordingly, specific requests for this extension are not required.&#8221;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><b>Why Me?<\/b><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The IRS says all \u201cU.S. persons\u201d with individual or combined financial holdings outside of the U.S. and its territories totalling $10,000 or more at any time during the year must file an FBAR.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A \u201cU.S. person\u201d includes:<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">-U.S. citizens and residents.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">-corporations, partnerships, or limited liability companies, founded or operated in the U.S.; <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">-trusts or estates formed under the laws of the United States.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><b>Key Takeaway<\/b><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In other words, the October 15 filing day for FBARs has become the real deadline. But what also matters is the IRS has signaled it will be less lenient for late filers than it was in the past. Before, you could file an FBAR late after the original June 15 deadline with little to no risk of <span class=\"s2\">penalties<\/span> if you could come up with a reasonable explanation for filing late. A \u201creasonable\u201d excuse, according to the IRS, was that \u201cinformation from foreign financial institution was not available by the due date.\u201d <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But the IRS\u2019 previously leniency for filing FBARs has been replaced with a new due date with stricter implications. The October 15 deadline is indeed an extension of the official April 15 due date, but the IRS will likely be unforgiving if you file after October 15. A mere \u201c<\/span><span class=\"s3\">non-willful\u201d late filing could trigger a penalty of $10,000, for example.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The time to file is thus now if you haven\u2019t done so already.<\/span><\/p>\n<p>Questions? <a href=\"\/\/expattax.com\/contact\/\">Contact<\/a> our team of tax professionals for a Free Consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IRS Has Extended Your Filing Deadline for Overseas Accounts &#8212; But You Must Act Now The good news is that the IRS has granted U.S. citizens and residents an automatic extension to file Reports of Foreign Bank and Financial Accounts (FBARs). But just because the IRS has already granted you an FBAR extension if &#8230; <a title=\"FBAR extended deadline just days away\" class=\"read-more\" href=\"https:\/\/expattax.com\/fbar-extended-deadline-just-days-away\/\" aria-label=\"Read more about FBAR extended deadline just days away\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3607,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[42,40,41,39],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FBAR extended deadline just days away - U.S. Expat Tax Services<\/title>\n<meta name=\"description\" content=\"FBAR due date extension expat tax filers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/expattax.com\/fbar-extended-deadline-just-days-away\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBAR extended deadline just days away - 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