July 18, 2011 Tax Alert: FinCEN Announces Optional Electronic FBAR Filing
The U.S. Department of Treasury Financial Crimes Enforcement Network (“FinCEN”) announced on July 18, 2011 that Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”) can now be electronically filed from the FinCEN website. The addition of the FBAR form adds to the many existing Bank Secrecy Act forms capable of electronic filing with FinCEN.
Anyone with an FBAR filing requirement can create a log-in account with FinCEN and complete and file the form electronically. At present, however, the system can support only one digital signature per form, thus a spouse included as a co-owner would need to complete and file a separate FBAR.
The FinCEN news release is attached to this Tax Alert.