Report of Foreign Bank and Financial Accounts Forms are now due by April 15.
FBAR forms, which must be filed electronically using the Treasury Department FinCEN electronic filing site, were previously due by June 30. However, beginning with the 2016 calendar year, the new due date is April 15 of the year following the December 31 report ending date. The new maximum six-month automatic extension from the filing deadline is now October 15.
This form contains considerable penalties for non-compliance, including (but not limited to) a maximum civil penalty of $10,000.
The new filing date was announced in early 2016, together with modified reporting requirements for signing officers/employees of entities holding non-U.S. financial accounts and for U.S. persons holding more than 25 of such accounts.
Under the new rules, officers and employees of companies/entities are no longer required to report on accounts when they have signature (or other) authority due solely to their employment, but no financial interest-provided that their employer has an FBAR filing obligation to report the foreign financial account.
All U.S. persons who have to file an FBAR must report detailed account information on all foreign financial accounts which require an FBAR filing. Previously, a U.S. person with a financial interest in, or signatory authority over, 25 or more foreign financial accounts only needed to report a limited amount of information under special rules.
For more information, contact your KPMG adviser.
Information is current to February 07, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500.