Preparing FinCEN Form 114 (FBAR) for electronic filing

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

To prepare FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) (formerly Form TD F 90-22.1) for electronic filing, follow the steps below.

Note: To file FinCEN Form 114 for years prior to 2013, you must use the BSA E-Filing SystemFor tax year 2013 and future years, FinCEN Form 114 can be electronically filed using the applicable year of UltraTax CS. 

  1. Complete data entry in Screens 114 and FrgnAcct (for 1041 and 990 returns, Screen 114-2).

    Notes

  2. For clients who want to receive an email message upon acceptance of their electronically filed FinCEN Form 114, enter the client's email address in Screen Contact in the General folder or in the Setup > Client Communications dialog. Do one of the following before you create the electronic file.

    • Enter 1 (Return) or 2 (Return/Extension) in the Email notification when electronic file is accepted by taxing agency field in Screen ELF in the Electronic Filing folder.
    • Choose Return or Return/Ext from the Email ELF Ack column in the Setup > Client Communications dialog for the applicable client.
  3. Choose Setup > Client Communication, and click the ELF / eSign Options button.
  4. In the ELF / eSign Options dialog, select an option in the Address email from field in the Email settings group box.
    • Firm: If you select Firm, enter a valid email address in the Firm email address field in the Setup > Client Communications dialog.
    • Preparer: If you select Preparer, enter a valid email address for the selected preparer in the Setup > Office Configuration > Preparers tab.
    • Reviewer: If you select Reviewer, enter a valid email address for the selected reviewer in the Setup > Office Configuration > Reviewers tab.
    • Staff: If you select Staff, enter a valid email address for the selected staff member in the Setup > Office Configuration > Staff tab.

    Note: The email address may indicate the sender as efileservices.net, which is the email domain used to send the email notifications.

  5. Enter the signature date for Form 114a in the Signature date field in Screen 114. The signature date cannot be a future date; if the date is a future date, the electronic file will be rejected with error code G37 (Date of signature is invalid).

    Note: FinCEN Form 114a, Record of Authorization to Electronically File FBARs, is the signature authorization that the filers sign to authorize the electronic filing of FinCEN Form 114. This form is a separate authorization from Form 8879, IRS e-file Signature Authorization. Do not electronically file this form; retain the form with your client's records.

  6. Check for and correct any electronic filing errors.
  7. Create the electronic file.
  8. Once the electronic file is successfully created, transmit the electronic file using CS Connect.

Note: FinCEN Form 114 does not have a perfection period for correcting forms that have been rejected. Returns filed prior to the April 15th deadline and rejected, unless extended, should be updated with a reason and explanation for late filing. The explanation should include details regarding the original transmission prior to the rejection.

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