FinCEN Form 114, Report of Foreign Bank and Financial Accounts (commonly referred to as FBAR) can be electronically filed or Individuals can file the FBAR by following BSA E-Filing instructions. FinCEN Form 114, formerly Form TD F 90-22.1, is not electronically filed with the IRS and is not part of Modernized e-File. FinCEN (Financial Crimes Enforcement Network) is a bureau of the United States Department of the Treasury. FinCEN Form 114 must be electronically filed through the FinCEN BSA (Bank Secrecy Act) E-Filing System on or before June 30, 2015 (see IR-15-092). Printed versions of the BSA c-Filing forms will not be processed by FinCEN.
- We highly recommend filing FinCEN Form 114 ahead of June 30, 2015 to avoid potential system downtimes and processing delays.
- There is no FinCEN Form 114 extension of time to file and tax extensions do not extend the FBAR due date. If not all information is available to file a complete and accurate FinCEN Form 114, FinCEN recommends filing by the June 30th due date with the information you do have and when all information is available, file an amended FinCEN Form 114 explaining why it was necessary.
- FinCEN Form 114 can also be electronically filed by the taxpayer, including for tax years prior to 2014, at http://bsaefiling.fincen.treas.gov/N0RegFBARFiIer.html.
- If there are any difficulties preventing electronic filing of the FBAR within the required timeframe, contact FinCEN’s Regulatory Helpline at 800-949-2732 (outside of the U.S. call 703-905-3975).
- Failure to file a required FBAR can result in a $10,000 penalty per violation per year. The penalty can be greater if the violations are deemed willful. Penalties could be up to the greater of $100,000 or 50% of the amount in the account at time of violation.
- Form 114a, Record of Authorization to Electronically File FBARs, must also be retained if the filer authorized a third party to file the FinCEN 114. FinCEN FBAR records must be retained for 5 years.
For additional guidance when circumstances prevent the timely filing of a FinCEN Form 114, see FinCEN guidance, FIN-20 13-G002 (June 24, 2013). To learn more about FBAR reporting, refer to the FBAR Reference Guide. To learn more about offshore income and filing information for taxpayers with offshore accounts, refer to IRS FS-2014-7 or see current FBAR guidance on IRS.gov. The IRS has also produced a free one-hour webinar explaining the FBAR requirement.