United States: New procedures facilitate mandatory electronic FBAR filings

Global Information Reporting
& Withholding Newsbrief

The US Department of the Treasury’s Financial Crimes Enforcement Network recently made several process changes for filing Reports of Foreign Bank and Financial Accounts on TD F 90-22.1 (known as FBAR). The recent changes affect the filing process for a reasonable cause statement for a failure to timely file an FBAR as well as the ability of an FBAR filer to authorize a spouse or a third party to electronically file forms on the filer’s behalf. These procedural changes are intended to make it easier for FBAR filers to use the e-filing system.

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