Today TaxMama® hears from Shelli in the TaxQuips Family Forum, with this concern. “Have any of you mastered how you will handle this year’s Electronic FBAR filing requirements for your clients? Is there software that will assist?”
TaxMama Note: The FBAR form is for people who have or control financial assets outside the U.S. If the total of all the offshore accounts reaches $10,000 or more during the year, the form must be filed with the U.S. Treasury (not the IRS) by June 30th of the following year. The penalty for not filing the form starts at $10,000.
You’ll be able to do it directly from the BSA site. It would be wise to identify all your clients who are going to need to file the FBAR form early in the year. Then register them at the site as soon as you can.
File the new Form 114 when you get all the data.
Note: I haven’t found a copy of the form yet. But if the IRS operates the way they have been, you can count on the new form not being available in time. Regardless…get your clients registered into the system.
It will be a fun year!
And remember, you can find answers to all kinds of questions filing requirements and other tax and business issues, free. Where? Where else? At www.TaxMama.com.[Note: If you were subscribed to the e-mailed version of TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the join TaxMama.com link – it’s free!]
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