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8 years ago

IRS Change

8 years ago
For all you Americans living part or full time overseas here is yet another IRS change.


Last Friday, President Obama signed HR 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. It's a bill to kick the can down the road and keep the Highway Trust Fund solvent, among other things. One important other thing addressed in this new bill is to do with changes to U.S. tax-filing deadlines, including a change to the FBAR filing deadline. For tax years starting after Dec. 31, 2015, FinCEN Form 114 (the FBAR form) will be due April 15. You can apply for a six-month extension, pushing the filing date to Oct. 15.

In other words, starting with your 2016 tax return, the due date for the FBAR, if you are required to file one, is the same as your tax return. The law doesn't speak to filing details. Currently, the FBAR is filed separately from your tax return, to the Financial Crimes Enforcement Network, not the IRS. Hopefully, Congress will allow taxpayers to file their FBARs with their 1040 forms, now that the filing dates have been synchronized.

Kovalenko & Vera Attorneys at Law in Panama
Kovalenko & Vera Attorneys at Law in Panama

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Kovalenko & Vera Attorneys at Law in Panama
Kovalenko & Vera Attorneys at Law in Panama

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