WASHINGTON (2/24/15)--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.