The reference to Treasury Regulation 1.6081-5 is for the automatic two-month extension of time to file for those residing outside the United States, so it appears those who do so reside will have a June 15th deadline for filing the FBAR (with a four-month extension available until October 15th). It is unclear whether a separate extension for the FBAR will need to be filed. For any taxpayer required to file such Form for the first time, any penalty for failure to timely request for, or file, an extension, may be waived by the Secretary. The due date of FinCEN Report 114 (relating to Report of Foreign Bank and Financial Accounts) shall be April 15 with a maximum extension for a 6-month period ending on October 15 and with provision for an extension under rules similar to the rules in Treas. The most important change for my practice is the FBAR. An extension for six months will be available (until October 15th). FBARs (FINCEN Form 114) will be due on April 15th, not June 30th.S Corporation tax returns remain due on March 15th (unchanged) and.C Corporation tax returns will be due on April 15th, not March 15th (for calendar year C Corporations).Partnership tax returns will be due on March 15th, not April 15th (for calendar year partnerships).That law’s primary function has nothing to do with tax however, it will have a major impact on entity tax returns for 2016 and for the 2016 FBARs: Congress passed and President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 in late July.
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