Do you know about the new FBAR electronic filing requirement and the rapidly approaching June 30 deadline? If you have a financial interest in a foreign bank or financial accounts that had a total value exceeding $10,000 at any time in 2013, you are required by law to fill out a Report of Foreign Bank and Financial Accounts. Although the FBAR was filed in the past by mailing in the required forms, this is no longer the case. As of 2013, all United States taxpayers with such foreign accounts must file the new form electronically.
About The FBAR Electronic Filing Requirement
The name of the new electronic form is the Financial Crimes Enforcement Network Form 114 – Report of Foreign Bank Accounts (FBAR) – and it wholly replaces the previous form, TD F 90-22.1. The form is available online through the BSA E-Filing System website or this thru third party providers like CPA firms. This form was updated to offer an option to “explain a late filing,” or to select “Other” and to enter up to 750-characters within a text box where the filer can provide a further explanation of the late filing or indicate whether the filing is made in conjunction with an IRS compliance program.”
The international tax team at LSL CPAs believes there is a general lack of awareness about the new FBAR filing requirements. Although designed to meet the changing needs of an electronic world. They have not been able to generate enough external publicity to reach all foreign financial account holders. Despite this problem, there is still no extension available for Form 114. The deadline for the new FBAR form is June 30, 2014. It can only be accessed online through the BSA E-Filing Online System.
Help With FBAR Electronic Filing Requirement
If you need help filing the new electronic FBAR form before the June 30, 2014 deadline, please contact the international tax team at LSL CPAs. We can provide you with both the international tax expertise and technical support you need. If you have any questions or worries, please take the first step and contact us. By opening the door, you give us the ability to help you avoid unnecessary IRS penalties and protect your financial future from negative consequences.
Pursuant to U.S. Treasury Department Regulations, any federal tax advice in this article is not intended or written to be used for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.
It is important to further note that this article presents only a partial view of the subject matter. It does not claim or attempt to be comprehensive or perfectly accurate. To learn more about how these issues might apply to your particular international accounts or financial holdings, please call LSL CPAs international tax accountant Yana Weaver at 714.569.1000.
