The Treasury Departmentís Financial Crimes Enforcement Network (FinCEN) postpones mandatory FBAR e-filing!
The Treasury Departmentís Financial Crimes Enforcement Network (FinCEN) announced that "it is postponing until July 1, 2013, its requirement that Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), be filed electronically."
Per FinCEN, "the delay in the e-filing requirement does not relieve anyone of the obligation to file a paper FBAR or postpone the paper-filing due date."
Last September, FinCEN proposed making FBAR e-filing mandatory, starting with FBARs due June 30, 2012. The FBAR form is used to report a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries.
Per the current rules and regulations, "No FBAR report is required for a year if the accountsí aggregate value does not exceed $10,000 at any time during that year."