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.
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Here are links to some of our other ExPat posts:
- Form TD F 90-22.1
- How the IRS uses FBAR.
- Form 673 for ExPats.
- FATCA and offshore banking.
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!
I think providing them two is fine Anna if both names are on the foreign account.