Deadline for Transition to BSA Electronic Filing Approaching


The Financial Crimes Enforcement Network (FinCEN) said Magnetic Media filers must transition to BSA Electronic Filing (E-Filing) by Dec. 31.

The Web-based BSA E-Filing system is user-ID and password-protected and does not require storage media such as tapes and disks to submit Bank Secrecy Act (BSA) reports. The system supports the filing of both single and multiple BSA reports and uses the same file format as the Magnetic Media Program. Reporting institutions also will be able to file a wide range of BSA forms faster and obtain a quicker receipt of acknowledgements.

FinCEN is working with the IRS to ensure a smooth transition. Financial institutions may register for BSA E-Filing at any time. Details on registration and an overview of the system are available at http://bsaefiling.fincen.treas.gov. Filers may also contact the BSA E-Filing Help Desk at 1-888-827-2778 (option 6) from 8 a.m. to 6 p.m. ET, Monday through Friday.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.