2013 efile of FBAR / FinCEN 114 - how will this work?

The latest release letter (Ver 34.0115) say:

New E-file Offerings available in Tax Year 2013:
• FBAR (Foreign Bank Account Report FinCEN 114):COMING IN APRIL


How exactly will this work? We are a Canadian firm who mainly service US citizens/taxpayers resident in Canada. We are not able to register with the IRS for e-file because none of the partners are US citizens or have SSN's.

The FinCEN 114 needs of course to be e-filed over the BSA system (which we are able to do), BUT this means entering the foreign account data twice - once into Lacerte for Form 8938/8891 purposes, and once more onto the PDF form that is submitted through BSA efile. It would be nice to only have to do this once.

Will we be able to file the FinCEN 114 through Lacerte to the BSA system without being registered with the IRS for efile??

Thanks!

Answer

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This was posted on Lacerte's "Top Solutions"

FinCEN Form 114-Foreign Bank Account Report (FBAR) (Previously Form TDF 90-22.1)Description

Information on FinCEN Form 114 and Frequently Asked Questions.

Detailed Information

FinCEN Form 114- Report of Foreign Bank and Financial Accounts (FBAR) is used to report financial interest in or signature authority over foreign financial accounts and replaces Form TDF 90-22.1.

The FinCEN Form 114 must be electronically filed and received on or before June 30th.

FAQs-

  1. When will Form 114 be available in Lacerte?

    FinCEN Form 114 will be available in the Lacerte Tax Program in April 2014.

  2. Will Lacerte support E-filing of FinCEN Form 114?

    Yes. The current plan is to support Form 114 electronically in all modules in the 2013 Lacerte tax program.

  3. How will it be e-filed, together with the main form or separately?

    Form 114 is a separate e-filing type from the federal return so it will be considered as a separate e-file. We will provide more information on how to e-file Form 114 later in the year.

  4. I need to e-file Form 114 before April 2014, how can I do this?

    You can manually create and e-file Form 114 on the FinCEN website. See BSA E-filing System and BSA Steps for more information.


For additional information visit the FinCEN website. For further assistance when using the BSA E-filing website you can contact the BSA E-Filing Help Desk at 1-866-346-9478.

 

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