New FBAR Form Available for Mandatory Electronic Filing
Oct. 10, 2013
U.S. individuals and businesses with a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other foreign account, are required to file an annual Report of Foreign Bank and Financial Accounts (FBAR). Electronic filing is mandatory for all FBARs filed on or after July 1, 2013, and the filing is done through a website maintained by the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN).
An FBAR is required only if the aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year. The reports normally are due June 30 for the previous calendar year.
FinCEN launched a new electronic filing website for FBARs. Individuals and businesses required to file FBARs can register to use the new system directly or can use a third party to prepare and submit FBARs on their behalf. If a third party is used to prepare and submit FBARs, the filer must file FinCEN Form 114a to grant the third party authority to do so. Although most FBAR filers will not use the new system until their 2013 filing is due on June 30, 2014, any FBARs currently being filed, including late prior-year FBARs, must be submitted through the new system.
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