For U.S. citizens living abroad, or individuals with substantial assets held overseas, there is a major change in the due date for Report of Foreign Bank and Financial Accounts (FBAR) filing in 2017. In prior years, FBAR returns were not due until June 30. Now the deadline is April 15, 2017. For FBARs covering activity in the 2016 calendar year, the deadline will be April 18, 2017 due to a conflict with the Emancipation Day holiday observed in Washington D.C.
U.S. citizens living abroad are required to file an FBAR when their total foreign financial assets on any given day exceeds $10,000 this includes assets and accounts, single or joint, held in a bank or by an investment company. The deadline for U.S. citizens living abroad to file their individual tax return is June 15, 2017, which takes into account a two month-filing extension from the standard April 18, 2017 deadline.
If you have questions about foreign income taxes, please contact our NYC CPA office. Our CPAs in New York, have extensive experience with tax preparation and planning for U.S. foreign nationals.