On July 31, 2015, the President signed into law H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. Buried in the bill are some important changes to due dates for returns, including FinCen Report 114 (FBAR).
Starting with the 2016 tax year, the due date for the FBAR will be moved up from June 30, 2017 to April 15, 2017, the same as the due date for personal income tax returns. Just as with personal income tax returns, taxpayers can request a six month extension, which moves the deadline to October 15, 2017. Due dates for the 2015 tax year will remain unchanged, meaning that FBARs will still be due on June 30, 2016, without the possibility of requesting an extension. Additionally, the new law gives the IRS the discretion to waive late-filing penalties for individuals who are required to file FBARs for the first time.