April 14, 2016 – Although it’s an unlikely place for foreign reporting, the Surface Transportation and Veterans Care Choice Improvement Act 2015 included changes to the Foreign Bank and Financial Reporting requirements.
Foreign Bank Reporting has been in the news a lot over the past few years. Most recently, discussions have targeted changes to the due date reporting of foreign accounts.
- For the 2015 filing season, the due date remains unchanged, requiring taxpayers to report their foreign accounts by June 30, 2016 with no extension available.
- However, for the 2016 calendar year, for which reporting is due in 2017, the due date has been changed to April 15th, and a six-month extension will be allowed until October 15th.
Who Must File?
Generally, you must file a foreign bank report if you are a U.S. person who has a financial interest in, or signature authority over, at least one financial account located outside of the United Sates, and the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported. A U.S person is defined as an individual and legal entities including, but not limited to, a limited liability company, corporation, partnership, trust and estate.
About the Author
Jill E. Colombo CPA
Jill specializes in corporate tax compliance and preparation services for businesses and individuals. She has significant experience with multi-state tax corporate issues, employee benefit plan compliance and international tax matters. Her projects include tax planning, international compliance and tax structure consulting services.