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Foreign account reports may now be e-filed FinCEN
WASHINGTON (7/20/11)--Foreign Bank and Financial Account Reports (FBAR) can now be filed electronically, the Financial Crimes Enforcement Network (FinCEN) reported this week. FinCEN’s filing system will accept Forms TD F 90-22.1 online. This new computer-based filing system will provide “a quicker, cheaper, more secure, and more reliable way for individuals to file FBARs,” FinCEN said. FBAR forms are filed annually and are used to report a financial interest in, or signature or other authority over, bank accounts, securities, or other types of financial accounts in foreign countries. FBARs must be filed for accounts that hold over $10,000 in funds at any time during the year, and are required to be filed once per year. However, FinCEN said that the electronic filing options are somewhat limited for the time being. For now, electronically filed FBARs may only have one signature per form. For example, married couples that wish to file a joint FBAR may only do so with the paper forms. Each spouse would be required to file their own FBAR if they choose to file them electronically. FBARs cannot currently be created and filed using tax preparation software, but FinCEN said it is “working to create that convenience and capability.” For the FinCEN FBAR release, use the resource link.
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