FinCEN Creates FBAR E-Filing System


The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Monday said it has developed an electronic filing system for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). The reports can now be filed via FinCEN’s BSA E-Filing System .

 

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.

 

FinCEN said it can only accept FBAR e-filings when one signature is required because the system’s current capability allows for only 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, the e-filing process does not yet allow for both signatures on the same electronic form. So, to take advantage of e-filing, each spouse must file separately.

 

FinCEN said paper forms will still be accepted. The agency also said it is working on developing software for preparing and filing FBARs.

 

Visit the FBAR resources page on AICPA.org for more information about recent changes in FBAR filing requirements.

Also read:

More from the JofA:

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.