Back on March 10, 2016, the Financial Crimes Enforcement Network (FinCEN) proposed rules that would trigger changes to the current reporting requirements for Form 114. It is anticipated that these proposed rule changes will become final well before the new April 15, 2017 deadline for the FinCEN Form 114. The proposed regulations as published in the Federal Register may be found here:https://www.gpo.gov/fdsys/pkg/FR-2016-03-10/pdf/2016-04880.pdf

Do not forget that the next FinCEN Form 114 deadline is April 15, 2017 and not June 30 as it has been in the past. While the earlier deadline is sure to wreak havoc in the lives of tax professionals who already spend the better part of their week at the office away from their families, there is some good news. Extending the taxpayer’s tax return also extends the due date of the FinCEN Form 114 by the same 6 month period as the tax return extension.