by Mark Jones
Beginning July 1, 2013, you’ll have to file the Report of Foreign Bank and Financial Accounts (FBAR) electronically through the federal government’s Bank Secrecy Act e-filing system. If you are not familiar with this report or who is required to file it, refer to a previous blog I wrote. FBARs for 2012 are due June 30 and can still be mailed to the IRS/Treasury. However, those due July 1 or later will have to be filed electronically.
This requirement applies to ministry organizations and to missionaries who maintain foreign accounts that meet the annual reporting requirements. To file electronically, the individual who files these reports on behalf of your organization must register with and obtain a user name and password for the BSA E-Filing System. The same is true for individual missionaries.