Proposed New FBAR Form And Explanation (3/5/13)

There is a proposed new FBAR, here.  The following is from the Notice and Request for Comments (some footnotes omitted):

Current Action: FinCEN is proposing to update the current TD F 90–22.1 report to standardize it with other BSA electronically filed reports and add the capability for a third party preparer to file the report should the owner of the foreign account wish to employ this option. To standardize the FBAR with other BSA reports, FinCEN proposes to add an item to record taxpayer identification number (‘‘TIN’’) Type to Part I, item 3a; Part I, item 4; Part III, item 25a; Part IV, item 35a; and V, item 35a. The addition of a check box to indicate that the amount is unknown is added to Parts II, III, IV, and V in item 15a. FinCEN also proposes to add a new item ‘‘Suffix’’ to Part I, item 8a; Part III, item 28a; and Part IV, item 37a. This update includes a revised signature section. It adds item 44a, a check box with the instruction ‘‘Check here [box for checking] if this report is completed by a 3rd party preparer and complete item 46 and the third party preparer section.’’ 3 A new section, ‘‘3rd Party Preparer Use Only,’’ is added to the report to support this method of filing.  The 3rd Party Preparer section consists of the preparer’s last name, first name, and middle initial (items 47, 48, and 49); preparer’s signature (item 50); a check box to indicate if the preparer is self-employed (item 51); the preparer’s TIN and TIN Type (items 52 and 52a); and a contact telephone number and extension, if applicable, (items 53 and 53a). If the preparer is an employee of a firm, the firm’s name and employer identification number (‘‘EIN’’) are entered in items 54 and 55. Finally, the address (street number, city, state, ZIP/ Postal Code, and country) of the preparer (if self-employed) or the firm is entered in items 56 through 60.matters.2

Title: Reports of foreign financial accounts (31 CFR 1010.350). OMB Control Number: 1506–0009 (The IRS’s OMB control number is 1545–2038).
Current Action: There is no change to the existing regulations.

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Affected Public: Individuals, businesses or for-profit institutions, and non-profit institutions. 

Estimate Number of Affected Filing Individuals and Entities: 780,000. n5    n5 This figure reflects the actual number of FBAR filings in calendar year 2012.
Estimated Recordkeeping and Reporting Burden: Based on past filings, 30 minutes for recordkeeping and 45 minutes for report completion for a total filing burden of 1 hour and fifteen minutes (1:15).  

Estimated Annual Recordkeeping and Reporting Burden Hours: 975,000. n6
    n6 780,000 reports × 1.25 hours  

Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on:  

(a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b) the accuracy of the agency’s estimate of the burden of the collection of information;
(c) ways to enhance the quality, utility, and clarity of the information to be collected;
(d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and
 (e) estimates of capital or start-up costs and costs of operation, maintenance and purchase of services to provide information.

Thanks to  Eliezer Mishory for calling this to my attention.