U.S. persons that own or have signature authority over a foreign financial account with a value of $10,000 or more, must report the foreign financial account information to the Department of Treasury.
Prior to July 1, 2013, Form TD F 90-22.1 was completed with the foreign financial account information and mailed to the Department of Treasury on or before June 30th each year.
Effective July 1, 2013 the foreign financial account information must be electronically filed through the Financial Crimes Enforcement Network (FIN CEN) using the Bank Secrecy Act (BSA) Form FIN CEN 114.
To electronically file the form FIN CEN 114, the individual goes to the BEA e-filer system website, http://bsaefiling.fincen.treas.gov, and click on “File an individual FBAR”. Then the individual downloads and completes form FIN CEN 114, using Adobe Reader software. Once complete, the individual clicks on “File individual FBAR (FIN CEN Form 114) to access the submission page. Once submitted, the individual filer will receive an email notification of acceptance to the submission.
Alternatively, individuals can authorize a third party to complete and submit form FIN CEN 114 on their behalf using form FIN CEN 114(a).
The due date for the foreign bank account reporting information has not changed. Form FIN CEN 114 must be completed and submitted on or before June 30th each year.
Jim Streets, CPA is a Tax Director at PKF Texas. He may be reached at email@example.com or 713-860-1400.