The most common FBAR reporting mistake is simply failing to file. Some U.S. persons continue…
FBAR Reporting Season is here
All taxpayers are reminded about FBAR reporting this year, as the process has changed. If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account which exceeds certain thresholds, the Bank Secrecy Act may require you to report the account annuallyto the Internal Revenue Service by filing electronically a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
On September 20, 2013, FinCEN posted a notice on their website which announced certain updates related to the filing of these reports, specifically, FinCEN Form 114, Report of Foreign Bank and Financial Accounts (the current FBAR form).
If you have been filing an FBAR form in prior years, please note that FinCEN Form 114 supersedes TD F 90-22.1 (the FBAR form that was used in prior years) and is only available online through the BSA E-filing system website. A link to the BSA E-filing system is attached:
http://bsaefiling.fincen.treas.gov/main.html
And a link to Form 114a follows:
http://www.fincen.gov/forms/files/FBARE-FileAuth114aRecordSP.pdf
When you are considering whether you must file foreign financial account reports during the current period, please note the updated information related to reports regarding foreign financial accounts which is set forth on the IRS website:
Patel Law Offices offers a strategy session to discuss how to resolve your legal problem. Conveniently schedule online today with our online scheduler and questionnaire.
Related Posts
- Top FBAR Reporting Error
- FBAR Reforms Recommended
If you have a financial interest in or signature authority over a foreign financial account,…
- Some FBAR Deadlines Extended
Last week the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) again extended the deadline for…
Search
Categories
Recent Posts
- US Supreme Court Will Favor Taxpayer Challenges to the IRS July 12, 2024
- Comments on Proposed Regulations on Transactions with Foreign Trusts and Reporting Large Foreign Gifts July 10, 2024
- IRS Form 8621 Frequently Misunderstood July 5, 2024
- IRS Criminal Investigations: A Serious Threat With Warning Signs July 2, 2024
- Handling an Unexpected Visit from IRS Criminal Investigation: Guidance for Taxpayers and Advisors June 28, 2024
- US Supreme Court Upholds Constitutionality of Repatriation Tax: Key Takeaways for Foreign Corporations June 26, 2024
- New NJ Law Makes it Easier to Transfer Motor Vehicle Ownership Upon Death June 25, 2024
- How to Respond or Contest an IRS Criminal Investigation Division (CID) Summons June 19, 2024
- IRS Criminal Investigation Division Summonses: A Key Tool in Tax Crime Investigations June 14, 2024
- Form 3520: A Comprehensive Guide to Navigating the Complexities of Foreign Gift Reporting Under the Latest 2024 Proposed Regulations June 4, 2024
- Detailed Technical Comments and Recommendations to the IRS on Proposed Regulations for Form 3520 and Code Section 6039F (REG-108066-22) June 2, 2024
- Top Six Criminal Tax Questions Asked May 27, 2024