US financial crimes agency postpones mandatory FBAR e-filing
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it is postponing until July 1st 2013 its requirement that Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), be filed electronically. FinCEN notes that the delay in the e-filing requirement does not relieve anyone of the obligation to file a paper FBAR or postpone the paper-filing due date.
FinCEN announced last July that it had developed an electronic filing system for FBARs, called the BSA E-Filing System. Last September, it proposed making FBAR e-filing mandatory, starting with FBARs due June 30th 2012.
The FBAR filing requirements, authorised under the US Bank Secrecy Act, have been in place since 1972. US persons are required to use the FBAR form to report a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries. No report is required for a year if the accounts’ aggregate value does not exceed $10,000 at any time during that year.
—Alistair M. Nevius (email@example.com) is editor-in-chief for tax.