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CPA discusses FBAR E-Filing | Form TD F 90-22.1 | ExPat Tax Issue


CPA Wilmington NC discusses FBAR E-Filing System for Form TD F 90-22.1

Gary Bode, CPA: If you'd like a free initial consult on an ExPat tax issue, give us a call at 399-2705.

Weeks after the June 30th filing date for Form TD F 90-22.1 (FBAR), FinCEN (the Financial Crimes Enforcement Network, a division of the US Treasury) announced it now offers e-File capability for it. This will make compliance more convenient in the future. This isn’t through the IRS however. The enrollment page header?  BSA e-Filing System, Financial Crimes Enforcement Center. Ominous. Current capability is limited to a single digital signature so accounts held jointly have to e-File multiple Form TD F 90-22.1s. But FinCEN expects to develop multi digital signature software for FBAR and eventually allow multiple FBAR submissions.

TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) reports aggregate foreign bank accounts of over $10,000 anytime in the last calendar year held by US persons (sic).

“Watch for future ExPat tax postings where I’ll discuss how to re-engage with the IRS if you’ve been non-compliant. Few ExPats actually want to renounce their citizenship over back taxes.”
Gary Bode, Wilmington NC CPA and tax accountant.

Extended filing date for FBAR, for a select few

As reported in the Journal of Accountancy, FinCEN’s Notice 2011-2 extends the deadline until June 30, 2012, for “officers and employees of investment advisors registered with the Securities and Exchange Commission with signature or other authority over (but no financial interest in) the foreign financial accounts of persons that are not registered investment companies” under the Investment Company Act of 1940.

We’re a Wilmington NC CPA Firm with a Virtual Office to serve National and International Clients

Please read a few of our related posts to gauge our expertise and proactive attitude. We offer a free initial phone consult. Don’t let distance dissuade you.  (910) 399-2705.

Here are links to some of our other ExPat posts:

2 comments to CPA discusses FBAR E-Filing | Form TD F 90-22.1 | ExPat Tax Issue

  • Anna

    This is great information. Thanks for posting this.
    Quick question. Does the IRS/Dept of Treasury get bothered if they receive two e-filed FBAR’s because my husband and I have a joint account?
    It’s pretty crazy that they would not have figure out how to put multiple signatures in their e-filing system from the get-go.

    Thanks again!

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