The deadline for filing the Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is rapidly approaching. Introduced in September 2013 by the Financial Crimes Enforcement Network (FinCEN), the Form 114 FBAR helps monitor U.S. persons’ activity in foreign bank accounts.
Topics: Robert Kerr, FBAR
In September 2013, the Financial Crimes Enforcement Network (FinCEN) introduced Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Form 114 is still required to be submitted to FinCEN before June 30, but it now must be filed electronically by using a registered tax software program or by using the Bank Secrecy Act (BSA) E-filing System: http://bsaefiling.fincen.treas.gov/main.html. The electronically filed Form 114 replaces Treasury Department Form 90-22.1, which was paper filed with FinCEN in previous years.
Topics: Robert Kerr, FBAR
In September 2013, the Financial Crimes Enforcement Network (FinCEN) introduced Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Form 114 is still required to be submitted to FinCEN before June 30, but it now must be filed electronically by using a registered tax software program or by using the Bank Secrecy Act (BSA) E-filing System. The electronically filed Form 114 replaces Treasury Department Form 90-22.1, which was paper filed with FinCEN in previous years.
Topics: Robert Kerr, FBAR, Form 114
Taxpayers with certain signature authority over or financial interest in foreign accounts must annually file Treasury Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”). The FBAR must be received by June 30, which means that anyone who needs to submit should be in the process of preparing and sending their paperwork, if they haven't already.
Topics: Michael Corrente, FBAR, Foreign Bank and Financial Accounts