NEWS: IRS CHANGES DUE DATES, INCLUDING FBAR
For the first time ever, filers of the FBAR (Foreign Bank Account Reporting form), and several other forms, will be allowed an extension. On July 31, 2015 President Obama signed into law a bill containing several important tax provisions. Public Law No. 114-41 modifies the due dates for several common tax returns including the FBAR. All modifications of due dates are effective for tax years beginning after 31 December 2015; for calendar year filers this means the change is effective beginning with the 2016 tax year. The American Institute of Certified Public Accountants (AICPA) has been advocating for several years for these new due dates in an effort to improve the flow of information and increase the accuracy and timeliness of filings.
- The due date for FinCEN Form 114 (FBAR) is changed from June 30 to April 15, and for the first time taxpayers will be allowed a six-month extension.
- The due date for Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, will be April 15 for calendar-year filers, with a maximum six-month extension.
- Form 1065, US Return of Partnership Income, will be due March 15 for calendar-year filers.
- Form 1120, US Corporation Income Tax Return, will be due April 15 for calendar-year filers with new rules for extensions.
The act also directs the IRS to modify its regulations to allow a maximum extension of 5 1/2 months on Form 3520-A, Annual Information Return of a Foreign Trust with a US Owner.
If you have any questions regarding these forms or any area of your taxes, please contact us.