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Dear Clients and Friends:

This is a friendly reminder that the Report of Foreign Bank and Financial Accounts (known as an “FBAR”) is now due October 15.[1] In general, a US person that has a financial interest in, or signature authority over, foreign financial accounts must file a FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

In general, a change in law changed the due date of the FBAR to April 15 from June 30.[2] The reason for the change was for the FBAR deadlines to coincide with the US federal income tax filing deadlines.

FinCEN has also granted FBAR Filers an automatic six-month extension to October 15 of each year. No specific request needs to be made to receive this extension. The extension is effective for foreign financial accounts maintained during and after the calendar year 2016, i.e., for FBARs filed in 2017 and thereafter.

[1]          For 2016, the deadline is October 16, 2017, because October 15 falls on a Sunday.

[2]          Section 2006(b)(11) of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114­4