Don’t Wait to e-File FBAR Form; Kaufman Rossin Can Help Now!

The U.S. Department of the Treasury recently announced that it is no longer accepting paper filings of the Report of Foreign Bank and Financial Accounts (FBAR), and that all such filings as of July 1, 2013 must be filed electronically.

The United States requires that every U.S. individual and U.S. entity with a financial interest or signature authority over a foreign financial account exceeding $10,000 at any time during a calendar year must file an FBAR using Form TD F 90-22.1.  This filing is separate from a U.S. taxpayer’s individual or business income tax return, and it must be submitted to the Department of the Treasury on or before June 30th of each year.

The tax software utilized by most major accounting firms does not currently support such electronic filing.  Many of these accounting firms have temporarily halted filing FBARs and are waiting for tax software to be updated so they can file the form on behalf of their clients. To avoid a delay for our clients, Kaufman Rossin registered as a Bank Secrecy Act (BSA) e-filer. Effective immediately, we can e-file the FBAR with the Department of the Treasury on behalf of our individual and business clients.

If you have a requirement to file an FBAR form for the 2012 tax year or prior years and don’t want to wait, please contact me or another member of our international tax team for assistance.