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|FOR IMMEDIATE RELEASE
July 18, 2011
|CONTACT: Steve Hudak
FinCEN Offers Optional Electronic Filing for FBAR Forms
VIENNA, Va. - The Financial Crimes Enforcement Network (FinCEN) today announced that it has developed an electronic filing system that will accept Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). E-Filing is a quicker, cheaper, more secure, and more reliable way for individuals to file FBARs. E-Filing presents a convenient option to completing and mailing paper forms. Filers will receive an acknowledgement of each report filed.
Who may start using FBAR E-Filing?
A United States person who has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Currently, FinCEN can only accept FBAR E-filings when one signature is required.
How do I E-File an FBAR form?
Click here, then follow the instructions to complete and file the FBAR on-line.
What if I file an FBAR with my spouse? Will I be able to E-File?
FinCEN's current capability only allows for one digital signature. Although the FBAR instructions state that a spouse included as a joint owner, who does not file a separate FBAR, must also sign the FBAR in Item 44, the E-Filing process will not yet allow for both signatures on the same electronic form. So, to take advantage of E-Filing, each spouse must file a separate FBAR.
How do the recent rule changes and extensions affect FBAR E-Filing?
The recent rule changes address who needs to file an FBAR and which foreign financial accounts must be reported. The recent deadline extensions provided certain individuals with signature or other authority but no financial interest in an account additional time to report.. This press release only addresses how qualifying FBARs may now be filed.
Will paper forms still be accepted?
Paper FBAR forms will still be accepted until further notice is given by FinCEN.
Can tax preparation software be used to create and file an FBAR?
Not at this time, but FinCEN is working to create that convenience and capability.
F inCEN's mission is to enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.