Although 2015 FBARs were just due yesterday, June 30th, the new 2016 FBAR submission date follows close behind. With the changes in due date, the 2016 FBARs for U.S. persons residing in the U.S. are due on April 15th, with a six-month extension until October 15th; available upon request. Also, under the new law, the FBAR filing deadline for U.S. citizens and residents residing abroad will be automatically extended until June 15th. Filing FBARs voluntarily should be a priority of any U.S. tax person who has unreported offshore accounts. What is more, first time filers can benefit from policy changes affecting the 2016 FBAR submissions.
Visit our blog to learn why voluntary disclosure of applicable offshore accounts is always the smartest option.