On July 31, 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 was enacted. Among other things, the new law changed the due date for FinCEN Form 114 (the "FBAR") for taxable years beginning after December 31, 2015. For 2015, the FBAR due date remains June 30, 2016.
For taxable years beginning after December 31, 2015, the FBAR due date will be April 15th. Thus, the typical individual will file a 2016 FBAR by April 15, 2017. The FBAR due date can be extended until October 15th. This is a change from current law, where the FBAR is due on June 30th and cannot not be extended.
Other due date changes for taxable years beginning after December 31, 2015 include:
- Form 1065, U.S. Return of Partnership Income. For partnerships using a calendar year, the Form 1065 will be due on March 15th. The form was previously due on April 15th.
- Form 1120, U.S. Corporation Income Tax Return. For corporations using a calendar year, Form 1120 will be due on April 15th. The form was previously due on March 15th. If a corporation uses a taxable year ending June 30th, there are no changes to the corporation's Form 1120 due date until the taxable years beginning after December 31, 2025.