FBAR Filing - Due June 30

[JohnH]

Not sure how other do this, but my method of dealing with the FBAR is to email a reminder to my affected clients so they can get this done. I do ask them to acknolwedge receipt of my email reminder, just as a CYA. Here's the link I send them:

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

Anybody have any suggestions on improvements to the process?

[TAXNJ]

Compliments

Compliments to you. Good method for the clients that have and read and respond to email.

[JohnH]

I almost always get responses. It also confirms that they are capable of folllowing through on the online filing. But if someone didn't respond, I'd call them on the phone. If anyone ever said they do need to file but don't know how to file online, I'd tell them to get a trusted friend or relative to help them.

[ATSMAN]

Not sure how other do this, but my method of dealing with the FBAR is to email a reminder to my affected clients so they can get this done. I do ask them to acknolwedge receipt of my email reminder, just as a CYA. Here's the link I send them:

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

Anybody have any suggestions on improvements to the process?

Same here. Fortunately I only have a handful of taxpayers who are impacted by this regulation (that I know of). I do ask when I am preparing Sch B if they have any foreign accounts.

Also I have noticed from copies of statements/notices from foreign banks that my clients have shown me is that they alert their customers to comply with this. I guess the UBS prosecution sent a clear message to foreign banks!

Anyone actively do the filing as a service for your clients and how much (range) do you charge for just this service.

[FEDUKE404]

Filing FinCEN for client

...

Anyone actively do the filing as a service for your clients and how much (range) do you charge for just this service.

...

The online filing is a piece of cake.

Biggest problem is getting information (especially the first time) re name/type/addresses of the foreign banks. Once that is established, you just have to get the US dollar amount to enter for each entity. (And you don't even have to worry about currency fluctuations. . .the 12/31/2014 exchange values are used for all numbers regardless of when the "maximum amount" shown for 2014 was attained.)

Most tax software now has the FinCEN form in place. Only recent change is the *REQUIREMENT* (I think they mean this one . . . .you can't slither out of this rule as some non-efilers and/or "preparers only" of "regular" tax returns apparently routinely do) that it be efiled.

Worst case scenario is you prepare/print the "software" version and then, when finalized, reenter the same information on the filing website.

Unless the FinCEN is a basket case (multiple accounts et al) and/or the client has trouble finding the correct account information, I normally would charge no more than $30/$40 extra as an add-on fee to the complete 2014 tax return. And things are generally somewhat slower for me in May/June anyway, versus the "April rates" scenario.

It is worth noting that any required Form 8938 is a separate beast altogether, and clients who need to file such forms as part of their income tax return do not get off so lightly.

FE

[JohnH]

I don't touch the FBAR.
Too much risk (aside from the additional fact that I don't e-fling anything).

Back when it was paper-filed, I'd give the form to the client with their name, SocSec#, address, and birthdate filled in. I'd tell them it's a no-charge courtesy and they should double-check everything I had entered, fill in the account info, and send it in. I'm not going anywhere near one (unless I inherit a fortune from an unknown overseas relative or win the lottery in a foreign country)

[DaveO]

I do a handful of them. The instructions require that you have "proper authorization" to file the return without really stating what form that might be. I obtain a 2848 from the taxpayer hoping that's enough. I charge $100 to $150 above the return charge for the service.

[Uncle]

I do not charge

I only do a handful of FBARs each year. It has been fast and easy. I have not charged separately for the service. The clients requiring the service all have pretty extensive multi-country tax returns anyhow, and are not cheap.

[AZUKHiker]

Need Form 114a

I do a handful of them. The instructions require that you have "proper authorization" to file the return without really stating what form that might be. I obtain a 2848 from the taxpayer hoping that's enough. I charge $100 to $150 above the return charge for the service.

The authorization is done by completing and getting signed Form 114a which you then keep with your records.

[DaveO]

Thanks, I will get one of those signed. I'd rather not deal with it but the taxpayer is in a memory care unit and his son is dealing with the tax issues now. Couldn't see leaving him to sort through all on his own.

[Burke]

Does person with a valid POA completing one of these forms for relative also have to have 114a? POA pretty well covers everything. Relative in nursing home but able to sign forms -- but no computer.

[DaveO]

Does person with a valid POA completing one of these forms for relative also have to have 114a? POA pretty well covers everything. Relative in nursing home but able to sign forms -- but no computer.

I certainly hope so. That is the authority I have relied upon for the last few years with my client. Seems the real danger is in not filing the return.

[AZUKHiker]

114a is Authority To Electronically File FBAR

If you are preparing and filing a client's FBAR you will need a 114a for every FBAR. The 114a gives authority for an agent to electronically file the FBAR. All FBARs have to be e-filed so that is why you need the 114a. Any other POA does not apply to give you authority to file the FBAR although of course the signer of the 114a may have a POA if the client is incapacitated.