July 21, 2011. E-Filing And Other FBAR Quirks (Forbes). You may fear the IRS. But it is the Financial Crimes Enforcement Network—also known as FinCEN—that is responsible for FBAR (Report of Foreign Bank and Financial Accounts) filing and administration. FinCEN’s mission? To enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems. Up until now it has not been possible to e-file FBAR forms. Your 2010 FBAR was due June 30, 2011, so you may have just filed it. But if you are filing late–and oddly, there appears not to be a penalty for late filing–or considering next year, there’s good news that e-filing is now available. Currently, FinCEN can only accept FBAR e-filings when one signature is required. A spouse who is included as a joint owner and who does not file a separate FBAR must also sign. Unfortunately, the e-filing process will not yet allow for both signatures on the same electronic form. That means if you file an FBAR jointly with your spouse, you can’t e-file…
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