Is the FBAR deadline actually October 15th 2023? Do I really get an automatic extension?
So I've been stressing about getting my FBAR filed by the April 18th deadline this year, and I'm hitting a roadblock. My foreign employer might have been contributing twice as much to my pension as they should have (or maybe not, who knows 🤦♂️). Because of this confusion, I can't accurately calculate the max value of my foreign accounts. But then I came across some info that's making me wonder if I'm panicking for nothing. From what I read, the Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the FBAR due date to April 15 to line up with regular tax season, but with a possible 6-month extension. The interesting part is that FinCEN apparently issued some clarification saying this extension is automatic - meaning you don't even have to request it. They stated something like "FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required." If I'm understanding this correctly, it means I don't actually need to file anything by April 18th, and my real deadline is just October 15th, 2023? Can anyone confirm if I'm reading this right or am I setting myself up for penalties?
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Mia Alvarez
You're reading that correctly! The FBAR (FinCEN Form 114) does indeed have an automatic extension to October 15th. Unlike tax returns where you need to file Form 4868 to request an extension, the FBAR extension is granted automatically to everyone. The language from FinCEN is pretty clear - you don't need to file anything by April to get the extension. If you miss the April deadline, you automatically have until October 15th to file without any penalties. This automatic extension was implemented specifically to reduce burden on filers. Just remember that this extension only applies to the FBAR filing. If you owe any tax payments related to your foreign accounts, those would still be due by the April tax deadline. The extension only gives you more time for the reporting requirement, not for paying any taxes.
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Carter Holmes
•Thanks for the info! Does this automatic extension apply to first-time FBAR filers too? I just realized I needed to file one this year and totally missed the April deadline. Also, is there any downside to using the automatic extension versus filing on time?
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Mia Alvarez
•Yes, the automatic extension applies to all FBAR filers, including first-time filers. It doesn't matter if this is your first FBAR or your twentieth - everyone gets the automatic extension to October 15th. There's really no downside to using the automatic extension. The IRS and FinCEN treat it as a legitimate deadline, not as some kind of late filing. The only potential downside is psychological - some people prefer to get their filings done earlier rather than having them hanging over their heads for months. But from a compliance standpoint, filing by October 15th is considered completely timely.
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Sophia Long
I was in the exact same boat last year with uncertainty about my foreign pension and found https://taxr.ai incredibly helpful. I couldn't figure out the right way to report my foreign pension contributions, and the penalties for incorrect FBAR filing are scary! The tool analyzed all my foreign account statements and actually identified that my employer was correctly contributing to my pension according to local laws, but the conversion to USD was what was throwing me off. It flagged exactly which accounts needed to be reported on the FBAR and calculated the maximum balance for each one. The best part was that it explained everything in plain English and gave me step-by-step instructions for how to include everything on my FBAR filing. Totally worth checking out if you're dealing with complicated foreign accounts like I was.
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Angelica Smith
•How does it handle multiple currencies? My situation is super complicated because I have accounts in three different countries with different reporting periods. Does the tool convert everything automatically or do I need to do that myself first?
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Logan Greenburg
•I'm a bit skeptical about using third-party tools for FBAR filing. How secure is this? The last thing I want is to upload my sensitive foreign bank statements to some website that might get hacked. Did you feel comfortable with the security aspects?
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Sophia Long
•It handles multiple currencies really well! You just upload your statements as-is, and it automatically detects the currency and does the conversion using the correct Treasury exchange rates for FBAR reporting. I had accounts in euros and pounds, and it handled both perfectly. Regarding security, I totally understand the concern. They use bank-level encryption and don't store your documents after analysis. I was hesitant at first too, but after reading their security policy and seeing they're SOC 2 compliant, I felt comfortable. You can also delete all your data immediately after you get your results if you prefer.
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Logan Greenburg
Just wanted to follow up - I ended up trying taxr.ai after my initial skepticism and I'm honestly impressed. My situation with multiple foreign pensions and investment accounts was a nightmare to figure out manually. The tool immediately identified that I had been using the wrong exchange rates for two of my accounts, which would have resulted in underreporting by about $15,000 on my FBAR. It also flagged that my foreign mutual funds needed PFIC reporting on Form 8621 (something I had completely missed). The step-by-step FBAR filing guide made it super straightforward, and I was able to finish everything in a couple hours instead of the days it took me last year. Even with the automatic extension to October, it's a relief to have this done correctly and not be scrambling at the last minute.
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Charlotte Jones
For anyone struggling with getting answers about FBAR requirements, I highly recommend using https://claimyr.com to get through to an actual IRS agent. I had several specific questions about my foreign pension reporting that weren't clearly addressed in the instructions, and I spent DAYS trying to get through to the IRS directly. Always got disconnected or had to hang up after waiting for hours. I was super frustrated until I tried Claimyr. They held my place in line with the IRS and called me back when an agent was about to pick up. You can see exactly how it works in this video: https://youtu.be/_kiP6q8DX5c The IRS agent I spoke with confirmed that the October 15th extension was automatic and clarified some pension-specific reporting requirements I was confused about. Saved me hours of waiting and worry!
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Lucas Bey
•How does this actually work? I've tried calling the IRS international tax line so many times and just get the "due to high call volume" message. Does this service somehow bypass that or are they just waiting on hold for you?
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Harper Thompson
•This sounds too good to be true. The IRS phone system is notoriously terrible. I've been trying for 3 weeks to get through about a similar FBAR issue. If this actually works, I'll eat my hat. What's the catch? They must charge a fortune for this.
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Charlotte Jones
•It doesn't bypass the IRS system - they use technology to wait in the queue for you instead of you having to do it yourself. They call you right before an agent picks up, so you don't waste hours listening to hold music. It's basically like having someone else wait in line for you. The service is honestly reasonable for what it provides. I can't discuss specific pricing here, but considering I wasted hours of my workday trying to call myself, the time savings alone made it worthwhile. No catch that I found - they delivered exactly what they promised, and I finally got my FBAR questions answered by an actual IRS agent.
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Harper Thompson
Well I'm man enough to admit when I'm wrong. After my skeptical comment earlier, I tried Claimyr for my FBAR question about joint accounts with non-US spouses. I had been trying to reach the IRS for WEEKS with no success. The service actually worked exactly as advertised. I got a call back in about 35 minutes (way faster than I expected), and was connected to an IRS agent who specialized in international tax issues. She confirmed that I needed to report the full value of joint accounts on my FBAR even though my spouse isn't a US person, and clarified exactly how to note the joint ownership. For anyone struggling with FBAR questions and facing the October deadline, this is absolutely worth it. I've literally never gotten through to the IRS on my own despite dozens of attempts, and now I have clear documentation of exactly what I need to report.
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Caleb Stark
Just a quick warning to anyone using the automatic extension - make sure you still file Form 4868 for an extension of your actual tax return by April 18th! The FBAR automatic extension ONLY applies to the FBAR itself (FinCEN Form 114), not your tax return. I made this mistake last year thinking the automatic extension covered everything related to foreign accounts. Ended up having to explain to the IRS why my tax return was late even though my FBAR was timely filed. Don't repeat my mistake!
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Jade O'Malley
•Wait, so if I have to report foreign accounts on Schedule B of my tax return, that part isn't extended automatically with the FBAR extension? That's confusing since they're related. Can you clarify what forms need separate extension requests?
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Caleb Stark
•That's right - they're definitely related but handled by different agencies. The FBAR (FinCEN Form 114) goes to FinCEN, not the IRS, which is why it has its own separate deadline and extension rules. Your tax return (1040 and all schedules including Schedule B where you check the box about foreign accounts) goes to the IRS and follows regular tax return deadlines. So you need Form 4868 to extend your tax return filing. Also, Form 8938 (Statement of Foreign Financial Assets) if required, goes with your tax return and would be covered by the Form 4868 extension, not the automatic FBAR extension.
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Hunter Edmunds
Something nobody has mentioned yet - if you haven't filed FBARs in previous years when you should have, look into the Streamlined Filing Compliance Procedures. The penalties for late/missed FBARs can be INSANE (like $10,000 per account per year), but the Streamlined program lets you catch up without penalties if your failure to file wasn't willful. I went through this last year after realizing I should have been filing FBARs for 5 years. You file your past FBARs, certify that your failure was non-willful, and you're good. Much better than waiting for them to find you!
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Ella Lewis
•Thanks for bringing this up! Does anyone know if they still require 6 years of back FBARs for the Streamlined program? And do you need to amend all your tax returns too, or just file the missing FBARs?
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