Wednesday, July 3, 2013

Information on Filing Delinquent FBARs (7/3/13)

A reader, Virginia La Torre Jeker, provided the following information that I thought deserved a blog:
I called the E-Filing Regulatory Hotline for FBARs (FinCen) and asked if all “late” FBARs must be filed electronically (e.g., for 2012 and earlier years such as 2011 back through 2007). A rep from the E-Filing Regulatory Hotline called me back and explained that “YES”, the late FBARs must be e-filed; the date of the report should be changed on the e-file to reflect the year for the filing of that particular FBAR. He said that currently the e-filing system does not support the capacity to attach a letter or statement  explaining why the FBAR is being filed late. This capacity may become active later this month. They are advising taxpayers to keep all supporting documentation on file because normally the IRS will come back to the taxpayer and ask for it.  If you wish to separately send in a paper letter explaining the late filing, then you should reference the confirmation number you get from the e-filing of the late FBAR(s).

The Regulatory Hotline Number is (800) 949-2732.  The Regulatory Hotline only accepts requests at the number provided.  They do not provide support via email.
Thanks, Virginia.

Virginia is a U.S. tax attorney who practices in Dubai.  I have found her very knowledgeable about the IRS's offshore iniitiatives.  Readers may see her professional summary here.

6 comments:

  1. SeniorResearcherJuly 4, 2013 at 5:38 AM

    lol....Jack you are indeed an idiot !!

    ReplyDelete
  2. Theodore KleinmanJuly 4, 2013 at 12:17 PM

    The Department of Treasury recently announced that after July 1, 2013, all FBAR reports for the tax year 2012 should be filed through the BSA E-Filing System and whenever practicable to do so.

    Upon further inquiries to the FinCEN's BSA Resource Center at 800-949-2732 we were informed by the agency that for this year they are providing a one-time electronic filing exemption past the
    July 1, 2013 deadline. This means that the appropriate FBARs could be paper filed for this year.

    The following steps and process should be followed by the preparer calling on behalf of the client:

    Contact the FinCEN BSA Resource Center at 800-949-2732.The preparer will need to identify themselves as calling in for the Filer and provide the Filer information. Note: Please have your clients filing information readily available (Name, Passport or other type of documentation to establish identity). This is especially important if obtaining electronic filing exemptions for more than one client at a time.

    While it is possible on a single call to obtain an exemption for several clients, the agency has indicated a strong preference that where there are potentially dozens of waivers to be requested that your client contact them directly but understands the professional preparer relationship to your client and the desire to facilitate handling the e-file exemption.

    ReplyDelete
  3. Theodore KleinmanJuly 4, 2013 at 12:26 PM

    The Department of Treasury recently announced that after July 1, 2013, all FBAR reports for the tax year 2012 should be filed through the BSA E-Filing System and whenever practicable to do so.

    Upon further inquiries to the FinCEN's BSA Resource Center at 800-949-2732 we were informed by the agency that for this year they are providing a one-time electronic filing exemption past the
    July 1, 2013 deadline. This means that the appropriate FBARs could be paper filed for this year.

    The following steps and process should be followed by the preparer calling on behalf of the client:

    Contact the FinCEN BSA Resource Center at 800-949-2732. The preparer will need to identify themselves as calling in for the Filer and provide the Filer information. Note: Please have your clients filing information readily available (Name, Passport or other type of documentation
    to establish identity). This is especially important if obtaining electronic filing exemptions for more than one client at a time.

    While it is possible on a single call to obtain an exemption for several clients, the agency has indicated a strong preference that where there are potentially dozens of waivers to be requested that your client contact them directly but understands the professional preparer relationship to your client and the desire to facilitate handling the e-file exemption.

    ReplyDelete
  4. Mr. Kleinman, thanks for the information. I am sure that other readers will find it very helpful.


    Jack Townsend

    ReplyDelete
  5. SeniorResearcherJuly 6, 2013 at 3:35 AM

    lol... yes Jack that is some whooping information that was provided here just earth shattering.... Jack are you scorching the earth again ? HAHA NO, YOU IDIOT !

    ReplyDelete
  6. thanks for sharing the post and give us an idea about the Tax Deed crime.we have to be very alert in this case.good stuff.keep it up.

    ReplyDelete

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