BSA E-Filing System, FinCEN Report 114
 

I usually do my FBAR in January, but I've been in England for a while so only just now getting taxes done. I'm aware of the new online system for submitting this information, but can I do a joint return for my wife & myself? We have three bank accounts in the Isle of Man, they are all joint accounts.

Also, I thought I read that I would have to create an account on the BSA E-Filling System. But when I looked at the instructions, it looks like corporations and entities need to create an account, but individuals just fill out the return and upload it. Is this correct?

Finally, the instructions and FAQs are typically obscure and convoluted. Are there any other things I need to watch out for, system requirements for instance? Thanks for any insights!

Re: BSA E-Filing System, FinCEN Report 114
 

Yes I did a joint for myself and my wife. You add in extra accounts to the number you need. I don't recall saving an account but when you submit you get a reference number for the filing.

You can also save the completed, or partially completed PDF to your own computer.

Re: BSA E-Filing System, FinCEN Report 114
 

Great news! You are able to do FinCEN 114a! (IIRC)

You complete the form (the 114 only) including the joint accounts, sign the form (electronically), and file it. You then complete 114a, have your wife read it and agree to it, sign it, and then......



.....you place it in one of your brown envelopes. Do not file it online. All done.

When the black helicopters land on your front lawn, and the person in the dark glasses knocks on your door and demands to know why your wife didn't submit a 114, she will show the 114a. (IIRC)

If I've got this wrong, someone will correct me, I'm sure.

Who makes this stuff up?

Re: BSA E-Filing System, FinCEN Report 114
 

I did look at the Form 114(a) and I wasn't sure if that was only for a professional preparer, or whether it covered the filing jointly situation. I was a bit puzzled by the whole concept, filling out an official government form and then not actually submitting it to anyone. I saw for the BSA E-Filing System instructions, it did specifically say - do not attempt to file the Form 114(a).

I am now retired, have time on my hands ... are there other government departments that supply useful forms that I can fill out and sign and keep in my files?

Re: BSA E-Filing System, FinCEN Report 114
 

You are correct. You no longer have to set up an account, you just go on-line and complete it. There is no problem doing joint accounts.

Re: BSA E-Filing System, FinCEN Report 114
 

lansbury, theOAP, MidAtlantic; thanks for comments and advice. I just prepared and submitted the form and got the confirmation and confirmation email. In that respect, better than the old system when you mailed it in at your own expense, but really had no guarantee that it'd been received and filed in the filing cabinet in the basement.

One glitch? The "validate" button didn't work, it was always greyed out. It is supposed to alert you to fields not filled out or not formatted correctly.

The submission process. You have to save a copy of the completed form locally, then manually attach that copy and send it in. Isn't that a bit unusual for official forms and suchlike? What do they do in Detroit - print off my PDF when they get it? Does the Treasury Dept know their arse from their elbow? Isn't this a bit of a low tech way of submitting information?

The signing process seems to leave a little bit to be desired, in terms of security and accountability. You don't have to create an account, and you sign the form by simply clicking one button. What if someone else maliciously submitted a form in my name, with fictitious information, before I got around to submitting the genuine form?

Re: BSA E-Filing System, FinCEN Report 114
 

It certainly does seem odd to fill in all the fields online then save the forma as a pdf and send it to them. I think they may have a way of electronically importing the data from the fields of the "signed" pdf file.