Please add comments to this blog post if you learn of workarounds, solutions, or changes that resolve any issues you may find in working with this recently-launched program.
FBARs are separate to and in addition to United States income tax returns, Beginning with the 2016 forms, due in 2017, the filing date is the same as for a Form 1040 tax return, that is, mid-April. There is an automatic filing date extension to the Form 1040 extension date, mid-October. No action by the taxpayer is needed to request an extension. The date change came from the PATH Act. The decision not to require a formal extension request was announced in a December 16, 2016, press release.
FBAR’s are required when a taxpayer has foreign bank accounts that total more than $10,000 at any point during the calendar year.
History: The US Department of Treasury announced that in a change of process effective from 1 July 2013, all FBAR reports for all years are expected to be filed electronically using the BSA (Bank Secrecy Act) section of the US Treasury website: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
Paper filing of FBARs is no longer permitted. FBAR forms are now downloaded to your own computer or memory stick; prepared by you in your own time, saved, and then re-uploaded and filed by you when you feel ready, again from this link:
US Treasury website: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
Incidentally, the Form TD F 90-22.1 that you may remember of old was honourably retired on 30 June 2013; after more than 40 years of publication. The replacement form is virtually identical but only in electronic format; and is re-named as FinCEN Form 114.
The only permissible FBAR exchange rate is the US Treasury rate.
Exchange Rates
These returns (reporting non-US financial accounts) typically require conversion into US dollars using the US Treasury exchange rate on 31st December each year.
As historic rates are not published in full in the Treasury website, the IRS has also been kind enough to provide several years of earlier rates here: http://www.irs.gov/Businesses/Small-Businesses-&-
Self-Employed/Treasury-Department-End-of-Year-Exchange-Rates
Instructions
The bsaefiling site has much helpful information, from a how-to video, to line-by-line instructions, as well as FAQ.
Do take a look at the instructions before beginning.
http://www.fincen.gov/forms/files/FBAR%20Line%20Item%20Filing%20Instructions.pdf
Registration or Enrollment
There is no need to register or login to the system in order to file the individual FBAR.
An institution or bulk filer would register.
See BSA home: http://bsaefiling.fincen.treas.gov/main.html
E-filing Help Desk
Telephone: 1-866-346-9478 (option 1)
E-mail: BSAEfilingHelp@fincen.gov
Editorial Note
American Tax Returns Ltd is a leading firm providing US tax advice and completing US tax returns.
David Treitel | Managing Director | American Tax Returns Ltd
Enrolled Agent to the United States Internal Revenue Service
Accountant and Chartered Tax Adviser
Email: david.treitel@americantaxreturns.co.uk.
Blog: http://www.accountingweb.co.uk/blog/advising-american-client
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