Law Creates New Due Dates for FBAR and Other Tax and Informational Returns

By: Heather Schmidt

On Friday, July 31, 2015, President Obama signed H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 into law.  In addition to temporarily extending funding for Federal-aid highway and infrastructure programs, the law also sets forth new deadlines for certain tax returns and informational filings.  Among the notable changes to the revenue laws and regulations are:

(1)   The due date of FinCEN Form 114 (Report of Foreign Bank and Financial Accounts (previously Form TD F 90-22.1)) (“FBAR”) shall be April 15.  A maximum extension for a six month period ending on October 15 is available to taxpayers for the first time.  This provision is effective for taxable years beginning after December 31, 2015;

(2)   The due date of Form 3520-A, Annual Information Return of a Foreign Trust with a United States Owner, shall be 15th day of the third month after the close of the trust’s taxable year.  The maximum extension is limited to a six month period beginning on the day of the close of the trust’s taxable year.  This provision is effective for taxable years beginning after December 31, 2015;

(3)   The due date of Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, for calendar year filers shall be April 15.  The maximum extension is limited to a six month period ending on October 15.  This provision is effective for taxable years beginning after December 31, 2015;

(4)   Tax returns for partnerships and S corporations following the calendar year are due on or before the 15th day of March following the close of that calendar year, and those following the fiscal year shall be filed on or before the 15th day of the third month following the close of that fiscal year.  This provision is effective for taxable years beginning after December 31, 2015; and

(5)   Tax returns for C corporations are due on the 15th day of the fourth month after the close of the corporation’s taxable year.  For corporations with a taxable year ending on June 30, this amendment applies to returns for taxable years beginning after December 31, 2025.

The full text of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 can be found at: https://www.govtrack.us/congress/bills/114/hr3236/text.

Andreozzi Bluestein LLP regularly works with accountants to ensure that taxpayers are compliant with all U.S. tax and informational filing obligations.  For taxpayers who have delinquent filings, the IRS offers voluntary disclosure initiatives that can provide protection against criminal prosecution and mitigation of certain civil penalties. Andreozzi Bluestein can assist clients wishing to come into compliance by navigating them through the complexities of the domestic or offshore voluntary disclosure program best suited for each client’s unique facts and circumstances.

 

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