In a word, “YES”! You can use the current version of the Form 114 to file your 2016 FBAR.
This issue was first brought to my attention by David Treitel, a US and UK tax expert based in London. David and I discussed the concern whether the current version of the Form 114 can be used for reporting a client’s foreign financial accounts, even though the current version reflects a filing date of June 30, which is no longer the law.
David and I also discussed whether a recently proposed rule has been adopted by FinCEN. This rule requires full information be reported for all foreign accounts when a filer has 25 or more foreign financial accounts. Currently, only limited information is required in this instance, but rules had been proposed by FinCEN to instead require US persons obligated to file an FBAR to report full detailed account information on each and every foreign financial account for which they are required to file an FBAR regardless of the number of accounts held.
Here are the answers to these issues as explained by the FinCEN Resource Center:
There’s really no reason to delay filing the 2016 FBAR. Treasury has already posted the official currency exchange rates. Read more here.
Watch this space for further FBAR updates.
The information provided in this article is for general information purposes only. The information is not intended to be comprehensive or to include advice on which you may rely. You should always consult a suitably qualified professional on any specific matter.
Virginia La Torre Jeker J.D.
Virginia La Torre Jeker J.D., is based in Dubai. Virginia has been a member of the New York Bar since 1984 and is also admitted to practice before the United States Tax Court. She has over 30 years of experience specializing in the international aspects of US tax, including FATCA. She has been quoted in the New York Times and Newsweek, and is regularly quoted in many local news articles and publications."
EUCED - European Network for Economic Cooperation and Development is a European Economic Interest Grouping (EEIG), as per EU Council Regulation # 2137/85, established for European and worldwide economic and development operations. As well as, the status of an European Business Association.Read more