{"id":1252,"date":"2011-07-19T08:57:58","date_gmt":"2011-07-19T13:57:58","guid":{"rendered":"http:\/\/www.patellawoffices.com\/blog\/?p=495"},"modified":"2011-07-19T08:57:58","modified_gmt":"2011-07-19T13:57:58","slug":"new-online-system-for-filing-your-report-of-foreign-bank-and-financial-accounts-fbar","status":"publish","type":"post","link":"https:\/\/patellawoffices.com\/blog\/planning-for-tax-minimization\/new-online-system-for-filing-your-report-of-foreign-bank-and-financial-accounts-fbar\/","title":{"rendered":"New Online System for Filing Your Report of Foreign Bank and Financial Accounts (FBAR)"},"content":{"rendered":"<p>The\u00a0Treasury Department\u2019s Financial Crimes Enforcement Network (FinCEN) on Monday said it has developed an electronic filing system for Form TD F 90-22.1, <em>Report of Foreign Bank and Financial Accounts<\/em> (FBAR). The reports can now be filed via FinCEN\u2019s <span style=\"color: #0000ff;\"><a href=\"http:\/\/bsaefiling.fincen.treas.gov\/Enroll_Individual.html\" target=\"_blank\">BSA E-Filing System<\/a><\/span>.<\/p>\n<p>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.<\/p>\n<p>The FBAR due date for the 2010 calendar year was June 30, 2011.\u00a0 Hence, the new online filing system is too late for 2010 filers. however U.S. persons that missed this deadline may still be able to make a voluntary disclosure under the IRS\u2019s Offshore Voluntary Disclosure Initiative (OVDI) and avoid or decrease penalties. The OVDI is open until August 31, 2011.<\/p>\n<p>FinCEN said it can only accept FBAR e-filings when one signature is required because the system\u2019s 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<br \/>\nform. So, to take advantage of e-filing, each spouse must file separately.<\/p>\n<p>FinCEN said paper forms will still be accepted. The agency also said it is working on developing software for preparing and filing\u00a0FBARs.<\/p>\n<p>Patel Law Offices is a law firm dedicated to helping clients resolve\u00a0\u00a0complicated tax, criminal tax, and international tax problems. Our firm\u00a0\u00a0 assists (and defends) clients and their advisors to legally disclose\u00a0(and legitimize) foreign accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Treasury Department\u2019s 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\u2019s BSA E-Filing System. A United States person who has a financial interest in or signature authority over [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_daextam_enable_autolinks":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[19,23,24,55,52,54,27],"class_list":["post-1252","post","type-post","status-publish","format-standard","hentry","category-planning-for-tax-minimization","tag-amnesty","tag-fbar","tag-foreign-account","tag-hsbc","tag-offshore","tag-offshore-accounts","tag-voluntary-disclosure"],"_links":{"self":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/1252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/comments?post=1252"}],"version-history":[{"count":0,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/1252\/revisions"}],"wp:attachment":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/media?parent=1252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/categories?post=1252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/tags?post=1252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}