FinCen Offers Optional Electronic Filing For FBAR Forms

The Financial Crimes Enforcement Network (FinCEN) announced in a July 18 press release that it has launched an electronic filing system that will accept Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). As described by FinCEN, a U.S. person who has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Currently, FinCEN can only accept FBAR e-filings when one signature is required. Filers will receive an acknowledgment of each report filed. To e-file an FBAR form, go to http://bsaefiling.fincen.treas.gov/Enroll_Individual.html. Paper FBAR forms will still be accepted until further notice, FinCEN said, adding that, at this time, tax preparation software cannot be used to create and file an FBAR. According to FinCEN's Web site, its mission “is to enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.” Additional information is available at http://www.fincen.gov/news_room/nr/html/20110717.html.