As of July 1, 2013, all FBAR’s (form TDF 90-22.1) will be required to be electronically filed. To do this, individuals will need to register for an online account which will allow them to complete and file their annual FBAR’s through a secure online network.
United States persons are required to file an FBAR if they meet the following criteria:
- The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
TDF 90-22.1 forms, which fall into the category of Bank Secrecy Act (BSA) forms, will be filed online using the BSA E-Filing System through the Financial Crimes Enforcement Network (FinCEN) secure network.
Individuals will be required to register for a FBAR E-filer account which will allow them access and complete the FBAR online and submit the finalized copy without having to mail it in. The system allows the user to save partially completed FBAR and return to it at a future time. The system will also give the individual instant verification that the FBAR has been received and provide them with a BSA E-filing tracking ID number. As a result, there should be no more FBAR’s that were sent to the IRS and never received and put many people at ease regarding this filing.
Given that many individuals will be electronically filing their 2013 FBAR’s for the first time, there is bound to be a few headaches along the way. Overall, the new electronic filing system is designed to be more convenient, more secure and a more cost-effective method of completing and filing the FBAR.
For those individuals that have their tax professional complete and file their FBAR on their behalf, certain institutions will still be able to register and submit forms on your behalf; however, the FBAR forms still will be required to be electronically prepared and filed. Individuals will also need to complete form 114a which is a form that authorizes an individual or entity to prepare and file the FBAR’s electronically on your behalf.
Here is the link the BSA- E-Filing Website where you can register to be an FBAR filer:
See the link below for a link the most frequently asked Electronic F-BAR questions:
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