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FinCEN Creates FBAR E-Filing System

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The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on July 18 said it has developed an electronic filing system for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). The reports can now be filed via FinCEN’s BSA E-Filing System.

A United States person who has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

FinCEN said it can only accept FBAR e-filings when one signature is required because the system’s current capability allows for only one digital signature. Although the FBAR instructions state that a spouse included as a joint owner, who does not file a separate FBAR, must also sign the FBAR, the e-filing process does not yet allow for both signatures on the same electronic form. So, to take advantage of e-filing, each spouse must file separately.

FinCEN said paper forms will still be accepted. The agency also said it is working on developing software for preparing and filing FBARs.