Any U.S. person who has a financial interest in or signatory authority over foreign financial accounts must file Form 114 (Form TD F 90-22.1 was used for FBAR previously) if the aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year. A financial account includes a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account. An FBAR is required to be filed electronically through Financial Crimes and Enforcement Network (FinCEN).
FinCEN has also released a new form, Form 114a, which authorizes third parties, such as preparers, to file Form 114 electronically on their behalf. Form 114a is not submitted with FinCEN, but is instead retained by the FBAR filer and the authorized third party for their records. FBAR is an annual report and must be filed on or before June 30 of the year following the calendar year.
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