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May 11, 2015: FinCEN raises the FBAR for filing

FinCEN has created an online form for filing FBARs (Report of Foreign Bank Account) as an alternative of filling out a PDF. Here's their notice:

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FinCEN Provides Additional E-Filing Method for FBAR Individual Filers

May 8, 2015 The BSA E-Filing System now provides an alternative E-Filing method for Individuals filing
the Report of Foreign Bank and Financial Accounts (FBAR). Filers can now choose between the current
method of filing using an Adobe PDF or use the new online form that only requires an Internet browser to
file. These options can be accessed by clicking
here.

The table below provides a brief comparison of the two filing methods available to individuals FBAR filers:

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PDF FORM

ADOBE READER IS REQUIRED

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ONLINE FORM

ADOBE READER NOT REQUIRED

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WORK AT YOUR OWN PACE

Benefits filers who are ready to begin preparing
the FBAR but may require additional time to
complete.

SAVE AS YOU GO / REUSE FORM

The PDF form allows you to save your progress
locally, granting you the option to resume
preparation at a later time without losing data
previously entered in the form.

If you need to amend your FBAR for any reason,
the PDF form may be reused to edit and resubmit as
an amendment, eliminating the need to rekey the
entire report.

OFFLINE FORM PREPARATION

Internet access is only required once you are
ready to submit your FBAR.

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YOU ARE READY TO FILE TODAY

Benefits filers who have gathered all information
needed to complete the FBAR and are prepared to
file in a single sitting.

ONE-TIME SUBMISSION

The Online form does not allow you to save
your progress during form completion. Only after
submission will you have an opportunity to
download a read-only copy of your FBAR for
record keeping purposes.

If you need to amend your FBAR for any reason,
you will not be able to use the downloaded copy
for resubmission.

ONLINE FORM PREPARATION

Internet access is required during preparation
and submission of your FBAR.

These options are only available if you are an Individual filing your FBAR. An FBAR Filer is considered an
Individual when he/she personally owns (or jointly owns, for example, with a spouse) a reportable foreign
financial account that requires the filing of an FBAR for the reportable year.

A non-Individual FBAR filer, such as an attorney, Certified Public Accountant, or an enrolled agent filing
the FBAR on behalf of a client must register to
Become a BSA E-Filer and file as an institution rather than
an Individual.

For questions or assistance, please contact the BSA E-Filing Help Desk at 1-866-346-9478 or via email at
BSAEFilingHelp@fincen.gov. The Help Desk is available Monday through Friday from 8 a.m. to 6 p.m.
EST. Please note that the Help Desk is closed on Federal holidays.

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Link:

FinCEN Notice

 

Categories: Anti-Money Laundering FBAR FinCEN Updates Regulatory Filing

eric9to5

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