Report of Foreign Bank and Financial Accounts (FBAR)
If you are in possession of a monetary interest in or signature authority on a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or alternative kind of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may need you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Monetary Accounts (FBAR).
On September 30, 2013, FinCEN posted a notice on their site announcing the current FBAR form, FinCEN Report 114, Report of Foreign Bank and Financial Accounts. FinCEN Report 114 supersedes the previous years’ form TD F 90-22.1 and is only accessible online through the BSA E-Filing System website.
The e-filing system allows the filer to go into the calendar year reported, including past years, to the on-line FinCEN Report 114. It also offers filers a choice to “explain a delayed filing” or to choose “Other” and enter up to 750-characters inside a text box to offer a further explanation of the delayed filing or to indicate whether the filing is manufactured together with an IRS compliance plan.
On their site, FinCEN posted a notice on July 29, 2013 introducing a fresh report to filers who submit FBARs jointly with spouses or who wish to have a third party preparer file their FBARs. The new FinCEN Report 114a, Record of Mandate to Electronically File FBAR Filing @ FBARFiling.org, isn’t submitted when filing an FBAR but, instead, is kept in FBAR records maintained by the filer along with the account proprietor and should be created available to FinCEN or IRS upon request.