Does Anyone Else Have a "Favorite Extension?"

You may not have heard yet - April 15th is extension filing deadline for most personal tax returns.

Extensions that relieve stress, tension, and feelings of personal inadequacy for embattled tax representatives are always welcome. From that perspective, it's hard to choose a favorite. I have a "leading contender" though. {Why do boxing metaphors become salient as April 15 approaches?.}

FBAR* Extensions not only relieve stress - they make you appreciate the bureaucratic mindset.

Since 2015, the "filing deadline" for the FBAR has been April 15th - just like your personal return. So far, a reasonable rule. Also like your personal return - the filing deadline for FBARs can be extended to October 15th.

Unlike your personal return, the FBAR extension is truly "automatic." You don't have to file a request for extension... It just happens. And,,, It happens even if you don't extend your personal return... If you "forget" about that $4.7M Swiss bank account - No problem. Just "remember it by October 15th.*

Let's walk back the cat: The FBAR "due date" is April 15th - But I get an extension to October 15th without doing a thing. Doesn't that make the "real due date" October 15th?

Apparently, I wouldn't be a very good bureaucrat. That's OK - It's hard enough to be a Democrat these days.

*1) FBAR = Foreign Bank Account Report.

*2) Missing the final deadline is an extremely expensive mistake!

#TaxPolicy #TaxReturns #Extensions

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