KPMG report - FBAR must be filed electronically 

April 14:  Given the global trend in tax transparency and the U.S. government’s heightened enforcement efforts against unreported foreign earnings, the requirement to annually report foreign financial accounts on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (the “FBAR”), has become an area of increased focus.

A new twist was added this year—FBARs are now required to be electronically filed.

This new rule affects not only a company’s procedures in meeting its own filing obligations, but also its approach to assisting officers and employees who have signature or other authority over these accounts.

Taxpayers therefore need to make note of:

  • The filing deadline for certain filers of calendar year 2013 FBAR reports is June 30, 2014
  • The new electronic filing requirements

Read an April 2014 report [PDF 250 KB] prepared by KPMG LLP: What’s News in Tax: The FBAR Revisited: Gone Electric

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