United States citizens with signature authority over or financial interest in foreign financial accounts must file FBAR (Foreign Bank Accounts Report) if the summative value of their foreign financial account exceeds $10,000 at any time of the calendar year. Foreign Bank Accounts Report must be received by the Department of Treasury on or before 15th April of the calendar year being reported. Here is a step by step guide on how to file FBAR online.
Go to https://fbarfiling.org
- Under the online form E filing method, click Start Now.
- Enter your Email address, name and phone number on the Filer contact information page
The email address you provide is used to inform you the status of your FBAR submission. Your name and phone number is used to identify you as a filer when you contact BSA for any form of assistance.
· At the bottom of the Filer Contact Information page, click Start FBAR’ to access FBAR Home page.
· In the Filing Name field, enter a unique name to identify your FBAR
You will need this name every time you contact BSA E-Filing for assistance.
- Fill in all the required fields. They are marked with an asterisk (*).
- Once you are ready to submit, return to home page, click Sign the Form to accept the signature agreement.
In case you may need to make any changes to your FBAR after signing, first click remove signature’ from the Home tab.
- If the form if free from errors and signed electronically, click Submit’ on the Home tab. A confirmation page will be displayed, click OK.
- If you wish, you can download a copy of your FBAR on the confirmation page to retain a copy of your submission. Save the confirmation page by selecting save from your browser menu. Enter the file name and select a familiar location on the computer to make it easy to find the file.
- After submitting, you will receive a notification in your email address regarding the status of your submission. Be sure to save the email for future reference.
- In exactly two business days, you will receive another email notification informing you that FinCEN has acknowledged your FBAR submission. You will also be assigned a unique BSA ID. Again, save the email for future reference.
With that, your FBAR filing is complete. In case you may need to make any changes to your report, use the BSA ID assigned to your FBAR.