The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department issued a release announcing that a notice of proposed rulemaking would be issued to revise the regulations implementing the Bank Secrecy Act regarding “Reports of Foreign Bank and Financial Accounts” (FBAR).
The proposed rule [PDF 446 KB] would:
The FBAR is a calendar year report with the 2015 calendar year FBAR due June 30, 2016. However, beginning with the 2016 calendar year, as changed by recent legislation, the due date for FBAR reporting will be April 15 of the year following the December 31 report ending date.
Extensions provided by various FinCEN notices during the last five years are not addressed in the proposed regulations. Read TaxNewsFlash-United States
As noted in a footnote in the proposed rule, FinCEN stated that it “understands that, as part of the final rule, it would need to determine the effect of the provisions of this proposed rule on earlier FBAR deferrals.…” The proposed regulations do not provide for a proposed effective date.
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