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FBAR Has Been Replaced!

new-fbar-fin-cen-114-file-fbar-online-2014Welcome to FinCEN 114

Form TD F 90-22.1 has been the mandatory form for reporting foreign bank accounts since the earlier part of the 1970s.  Beginning January 2014, it will no longer be a required form.  Instead, US Citizens and Green Card Holders with foreign bank accounts will be required to report information on FinCEN 114.

Although the form number has changed, many of the rules will remain the same.  Those who either own foreign bank accounts or have signature authority over them will need to report such accounts on FinCEN 114.  Equally as important are the stiff penalties that are still assessed for failure to file.  View the original post on accounting web.