As a reader of my posts on TaxConnections blog, you probably know by now that if you have a financial interest in or signature authority over a foreign financial account, exceeding $10,000 at any time during the calendar year, the Bank Secrecy Act requires you to report the account to the Internal Revenue Service.
On September 30th, 2013, the Financial Crimes Enforcement Network (FinCEN) made a very important change to the FBAR form which will effect its filing for 2014.
What Are The Changes:
• The FinCEN Form 114 supersedes TD F 90-22.1 as the official FBAR form.
• The new FinCEN Form 114 is only available online on BSA E-Filing System website. Read More
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