It is rare but occasionally congress enacts a law that makes eminent good sense. Tucked away in the Highway Funding Bill (HR 3236) signed by President Obama on July 31, 2015 are tax provisions, among which is a provision that changes the FBAR due date effective for taxable years beginning after December 31, 2015:

  • The FBAR filing date has been moved up to April 15 from June 30 of the year following the reporting year beginning with the 2016 report. Thus, the 2016 FBAR will be due on April 15, 2017.
    • The law also provides for a six month extension of time to file the 2016 FBAR to October 15, 2017.
    • This change will be welcome because the June 30 filing date was an aberration having no connection to any tax return due date.
    • Note, however that the 2015 FBAR is still due on June 30, 2016.
    • The law also will allow IRS to waive the FBAR penalty for first time FBAR filers who failed to obtain an extension of time to file.
  • The law also changes other return due dates for taxable years beginning after 2015, namely:
    • Both partnership returns S Corp. returns will be due on March 15 with an automatic extension allowed to September 15.
    • C Corporation returns (yes, there still are some C Corporations around) will be due on April 15 with an automatic five month extension to September 15. Fiscal year filers with a year-end of June 30 will be allowed a seven month extension. This provision sunsets in 2026.
    • Trust returns on Form 1041 will continue to be due on April 15 but with an automatic five and one-half month extension being allowed to September 30.


As of August 5, 2015, the list has grown to 38 foreign financial institutions as follows:

Foreign Financial Institutions or Facilitators

  1. UBS AG
  2. Credit Suisse AG, Credit Suisse Fides, and Clariden Leu Ltd.
  3. Wegelin & Co.
  4. Liechtensteinische Landesbank AG
  5. Zurcher Kantonalbank
  6. swisspartners Investment Network AG, swisspartners Wealth Management AG, swisspartners Insurance Company SPC Ltd., and swisspartners Versicherung AG
  7. CIBC FirstCaribbean International Bank Limited, its predecessors, subsidiaries, and affiliates
  8. Stanford International Bank, Ltd., Stanford Group Company, and Stanford Trust Company, Ltd.
  9. The Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India)
  10. The Bank of N.T. Butterfield & Son Limited (also known as Butterfield Bank and Bank of Butterfield), its predecessors, subsidiaries, and affiliates
  11. Sovereign Management & Legal, Ltd., its predecessors, subsidiaries, and affiliates (effective 12/19/14)
  12. Bank Leumi le-Israel B.M., The Bank Leumi le-Israel Trust Company Ltd, Bank Leumi (Luxembourg) S.A., Leumi Private Bank S.A., and Bank Leumi USA (effective 12/22/14)
  13. BSI SA (effective 3/30/15)
  14. Vadian Bank AG (effective 5/8/15)
  15. Finter Bank Zurich AG (effective 5/15/15)
  16. Societe Generale Private Banking (Lugano-Svizzera) SA (effective 5/28/15)
  17. MediBank AG (effective 5/28/15)
  18. LBBW (Schweiz) AG (effective 5/28/15)
  19. Scobag Privatbank AG (effective 5/28/15)
  20. Rothschild Bank AG (effective 6/3/15)
  21. Banca Credinvest SA (effective 6/3/15)
  22. Societe Generale Private Banking (Suisse) SA (effective 6/9/15)
  23. Berner Kantonalbank AG (effective 6/9/15)
  24. Bank Linth LLB AG (effective 6/19/15)
  25. Bank Sparhafen Zurich AG (effective 6/19/15)
  26. Ersparniskasse Schaffhausen AG (effective 6/26/15)
  27. Privatbank Von Graffenried AG (effective 7/2/15)
  28. Banque Pasche SA (effective 7/9/15)
  29. ARVEST Privatbank AG (effective 7/9/15)
  30. Mercantil Bank (Schweiz) AG (effective 7/16/15)
  31. Banque Cantonale Neuchateloise (effective 7/16/15)
  32. Nidwaldner Kantonalbank (effective 7/16/15)
  33. SB Saanen Bank AG (effective 7/23/15)
  34. Privatbank Bellerive AG (effective 7/23/15)
  35. PKB Privatbank AG (effective 7/30/15)
  36. Falcon Private Bank AG (effective 7/30/15)
  37. Credito Privato Commerciale in liquidazione SA (effective 7/30/15)
  38. Bank EKI Genossenschaft (effective 8/3/15)

Robert S. Steinberg, Esquire


This entry was posted in 2014 OVDP, FBARS, FINCEN FORM 114 and tagged , , , . Bookmark the permalink.

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