Description:

For taxpayers required to file a 'Report of Foreign Bank and Financial Accounts' (also known as the FBAR), Form 114 must be electronically filed with the Financial Crimes Enforcement Network (FinCEN) by April 15th of the year immediately following the calendar year being reported.  Beginning in tax year 2016 the due date changed from June 30th to April 15th with a provision for an automatic six-month extension.  (Tax Year 2016 is due April 18th due to weekend/holiday considerations)

Note: Original calendar year Form 114 filings submitted on or before the deadline and 'Accepted' or 'Conditionally Accepted' (Accepted with Errors) are considered timely filed.  For all Form 114 e-filings acknowledged as 'Conditionally Accepted' (Accepted with Errors), FinCEN requests the amended Form 114 be filed within 30 days.

Frequently Asked Questions concerning Form 114 in ProSeries:

Q1. Who is required to file Form 114, Report of Foreign Bank and Financial Accounts (FBAR)?

A United States person that 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. (For More Information see page 4, 'General Instructions')

Q2. Is there an extension of time to file the FinCen Form 114 return?

Yes. Per the "BSA Electronic Filing Requirements For Report of Foreign Bank and Financial Accounts (FinCEN Form 114)" filing instructions on page 3:

"As mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act), the annual due date for filing FBARs is April 15th. The Act also mandated a maximum six-month extension of the filing deadline. FinCEN will grant filers failing to meet the FBAR annual due date of April 15th an automatic extension to October 15th each year."

The extension for Form 114 is automatic. When filing Form 114 after April 18 and prior to October 15 deadline, go to Part IV-Extension Status on the Foreign Bank Accounts Information Worksheet and check the box to indicate YES for "Automatic extension to October 15th."  If Yes is not indicated, a ProSeries error will prompt you to to complete Form 114, pg 1 and specify the reason for filing late.

 

Note: Additional information concerning Form 114 is available on the United States Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) website: https://www.fincen.gov/resources/filing-information

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Document ID: 000023399