Who needs to fill out a Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? According to The Bank Secrecy Act, P.L. 91-508 “[e]ach United States person having a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country” and if that person’s foreign account at any time during the calendar year has aggregate maximum values that exceed $10,000.
If you are required to fill out a Form 114, Report of Foreign Bank and Financial Accounts (FBAR), then you are in luck. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that a six month automatic extension would be granted to tax payers, bringing the due date every year to October 15th.
In the past the form had been due on June 30th with no extensions allowed. Now thanks to Section 2006(b)(11) of the Surface Transportation and Veteran Health Care Choice Improvement Act of 2015, P.L. 114-41 the due date is April 15th with the October 15th automatic extension.