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Law Firm Services Electronic Filing Requirements for Report of Foreign Bank and Financial Accounts (Fin CEN Form 114) PwC s Law Firm Services May 2014 In brief Effective July 1, 2013, all filers must

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How to Fill out FinCEN Form 114:

1. Obtain the necessary information: Before filling out FinCEN Form 114 or the Report of Foreign Bank and Financial Accounts (FBAR), gather all the required information such as your personal details, including your name, address, and social security number, as well as the specific foreign financial accounts you need to report.
2. Access the FinCEN website: Visit the official website of the Financial Crimes Enforcement Network (FinCEN), which is the bureau responsible for collecting FBARs. Look for the electronic filing system called the BSA E-Filing System, where you can file your Form 114 online.
3. Create an account: If you haven't used the BSA E-Filing System before, you'll need to create an account. Provide the necessary information and follow the prompts to set up your account.
4. Start a new FBAR report: Once you have an account, log in to the BSA E-Filing System and start a new FBAR report. Follow the instructions and provide the requested information accurately.
5. Enter your personal details: Input your personal information in the corresponding sections of the form. This includes your full legal name, address, and social security number.
6. Enter your foreign financial account details: Provide the required information for each foreign financial account you are reporting. This includes the account number, name and address of the foreign bank or other financial institution, and the maximum value of the account during the calendar year.
7. Review and submit the form: Carefully review all the information you've entered to ensure its accuracy. Once you are certain everything is correct, submit the form electronically through the BSA E-Filing System.
8. Keep a copy for your records: After submitting your FBAR, it's important to keep a copy of the completed form for your records. This will serve as proof of filing in case of any future inquiries or audits.

Who Needs FinCEN Form 114 (FBAR)?

1. U.S. citizens: All U.S. citizens, including those living abroad, are required to file FinCEN Form 114 if they have a financial interest in, or signature authority over, one or more foreign financial accounts, and the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
2. U.S. residents: U.S. residents, including green card holders, must also file FBAR if they meet the same criteria mentioned above.
3. Entities and businesses: Certain entities like corporations, partnerships, trusts, or LLCs may also need to file FinCEN Form 114 if they have a financial interest in, or signature authority over, foreign financial accounts that meet the reporting threshold.

Please note that this information serves as a general guide and should not be considered as legal advice. It's always recommended to consult with a tax professional or an attorney to ensure compliance with FBAR requirements.

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What is fincen form 114?

Fincen form 114, also known as the Report of Foreign Bank and Financial Accounts (FBAR), is a form required to be filed by U.S. persons who have a financial interest in or signature authority over foreign financial accounts.

Who is required to file fincen form 114?

Any U.S. person, including citizens, residents, and entities, that has a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year is required to file fincen form 114.

How to fill out fincen form 114?

Fincen form 114 can be electronically filed online through the BSA E-Filing System. The form requires information about the account holder, the foreign financial institution, and details about the foreign financial accounts.

What is the purpose of fincen form 114?

The purpose of fincen form 114 is to combat tax evasion and money laundering by providing the U.S. government with information about foreign financial accounts held by U.S. persons.

What information must be reported on fincen form 114?

Fincen form 114 requires reporting of the account holder's personal information, details of the foreign financial accounts, and maximum value of the accounts during the reporting period.