Form 114(a): Authorization to Efile FBARs

In response to numerous requests made by the international tax attorneys and individual FBAR filers of the Reports of Foreign Bank and Financial Accounts (FBARs) jointly with spouses, or wish to submit them via third-party preparers, the Financial Crimes Enforcement Network (FinCEN) introduced FinCEN Form 114(a), Record of Authorization to Electronically File FBARs. A copy of this form would be maintained by the filer and the account owner, but not submitted to FinCEN. The form would be made available upon request by FinCEN or the Internal Revenue Service (IRS).

New Version of the FBAR

Note, that Form 114(a) came out just ahead of the new version of the FBAR which was tested in October of 2013.

FBARs are used by U.S. taxpayers to disclose foreign financial accounts and they were due on June 30; the filing deadlines now coincide with tax return deadlines (April and October) for each preceding calendar year. There is an automatic extension to October if you cannot file your FBAR by April 15th. Failure to file FBARs on time can lead to severe penalties and even criminal prosecution.

Modified Voluntary Disclosure Based on Reasonable Cause

It is important to emphasize that Form 114(a) should be provided to your international tax attorney if he is filing FBARs on your behalf. This is irrespective of whether you are filing your FBARs a few days late or whether your international tax attorney is e-filing the FBARs as part of your modified voluntary disclosure based on reasonable cause. Note that, starting October 1, 2013, the OVDP/OVDI participants are also required to e-file the FBARs ; special reference to the OVDP/OVDI program should also be submitted – contact Sherayzen Law Office for details.

Contact Sherayzen Law Office for Help with E-filing FBARs for Undisclosed Accounts

If you have foreign bank accounts and need help with e-filing late FBARs for undisclosed accounts, contact Sherayzen Law Office for legal and tax help. Our law firm consists of highly experienced international tax professionals who will thoroughly review your case, identify available options and prepare all of the legal documents and tax forms necessary for your voluntary disclosure process.