In November of 2011, the U.S. Department of the Treasury issued a new version of Form TD F 90-22.1, now known as FinCen Form 114 commonly known as FBAR. All filers must now use this form in order to report their foreign bank and financial accounts.
The main difference between the previous (March 2011) version and the current (November 2011) version is the simplified process of amending the FBARs. However, you can still use the more thorough method described in the FBAR FAQ.
If you are filing the FBARs for previous years (perhaps as part of the voluntary disclosure), you should use the latest FBAR form. While it used to be Ok to use the 2008 version to file FBARs for the prior years, it is becoming doubtful whether the IRS would accept this version at this point. It is highly recommended that the taxpayers use only the latest version of the FBAR.
Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. Failure to comply with the FBAR requirements carries a very high penalty. Please, visit our Voluntary Disclosure and FBAR Center for details.
Contact Sherayzen Law Office to Comply with FBAR Requirements
If you need any legal help with FBARs, contact Sherayzen Law Office by telephone or email. Our experienced international tax firm will help you resolve all of your FBAR questions and help you comply with all of the FBAR requirements.