IRS issues Fact Sheet regarding 2016 tax changes - Including filing deadlines!
The US Internal Revenue Service (IRS) has released a Fact Sheet to outline US federal tax changes for taxable year 2016. The Fact Sheet indicates a last reviewed or updated date of 12 January 2017.
The Fact Sheet states that taxpayers will have until 18 April 2017 (Tuesday) to file their 2016 US income tax returns. Taxpayers requesting an extension will have until 16 October 2017 (Monday) to file.
The Fact Sheet further states that the new deadline for filing the annual Form 114 is now the same as for a US federal income tax return, which means that the 2016 FBAR must be filed by 18 April 2017. Filers missing the April 18 deadline will be granted an automatic extension until 16 October 2017 without specific extension requests.
In general, the FBAR filing requirement applies to anyone who had an interest in, or signature or other authority over foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2016.