Training Provider: Online Compliance Panel
There are similarities, but also very different filing requirement thresholds and definitions of applicable assets for each of these forms: FBAR Form FinCEN Form 114, Report of Foreign Bank and Financial Accounts (formerly TD F 90-22.1), FATCA Form 8938, which discloses specified foreign financial assets. And beginning in 2016, there are new filing dates: Fincen Form 114 (the electronic FBAR) is now changed from June 30 to April 15. For the first time, taxpayers who must file this form will be allowed a six-month extension of time to file. For partnership returns- the new due date is March 15 (for calendar year partnerships) and the 15th day of the third month following the close of the fiscal year (for fiscal year partnerships). For corporation returns- the new due date is the 15th day of the fourth month following the close of the corporation's tax year.