Tag Archive for Revenue Provisions

New FBAR Deadline: Why This Is Great News?

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This is what happened on the last day of July this year (2015): President Obama signed into law H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act (The Act). An unlikely vehicle for deadline changes, but it did make some really important changes to Tax Law & Revenue Provisions, including:

1. FinCEN Form 114 (FBAR) filing and extension deadlines;
2. Tax Filing Deadlines;
3. Changes to consistent basis reporting between the estate and the person acquiring the property from the decedent.

Point #3 above modifies due dates for Trust returns: Foreign trusts with US Owners and Read more