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New FinCEN website meant to assist FBAR filers

Mon, Mar 2, 2015

Washington, District Of Columbia

Individuals and institutions that are required to file a Report of Foreign Bank Account (FBAR) have a new resource available on the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) website.

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.

According to FinCEN, an FBAR filer is considered an individual when he/she personally owns, or jointly owns with a spouse, a reportable foreign financial account that requires the filing of an FBAR for the reportable year.

Individuals may electronically file their FBAR through the BSA E-Filing System without registering for a BSA E-Filing account.

Attorneys and certified public accountants filing FBARs on behalf of clients must register to become an e-filer, and file as an institution rather than an individual. FinCEN's new website contains information on that as well.

FBARs must be filed by June 30, and no extensions are available.

Source: CUNA