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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12705
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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FinCEN says there is an "automatic" extension for the April,

Customer Question

FinCEN says there is an "automatic" extension for the April, 2016 deadline. Form 4868 is an application for an "automatic" extension, but the application must be submitted in a timely manner in order for it to be valid. If the owner of the foreign financial asset over $10,000 did not apply for an extension, what does the owner due to avoid late filing requirements? Does everyone get the extension until October?
Submitted: 2 months ago.
Category: Tax
Expert:  Lane replied 2 months ago.

Hi. My name's Lane.

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I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

Bear with me a moment and I’ll provide my initial response, and then we can go from there if you have further questions on this

Expert:  Lane replied 2 months ago.

Yes, everyone gets one. It's an automatic extension.

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The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that, to implement the new due date for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), of April 15 (April 18 for 2017), it will automatically grant all taxpayers filing the form a six-month extension every year to Oct. 15 (which will be Oct. 16, 2017, because Oct. 15 is a Sunday).

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FinCEN explained that this six-month extension will be automatic each year and that taxpayers do not have to request extensions.

Expert:  Lane replied 2 months ago.

(Note the next to last sentence in the announcement, here: https://www.fincen.gov/news/news-releases/new-due-date-fbars-0)

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Thanks,

Lane