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




©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

Share this

Share this

Subscribe

Current and future KPMG clients may subscribe to TaxNewsFlash email alerts.


Email your contact information.

Other TaxNewsFlash publications

TaxNewsFlash-United States by year