1040-US ELF: Deadline for electronically filing FinCEN Form 114 (FBAR) (FAQ)

Alerts and notices

Question

What is the deadline for electronically filing FinCEN Form 114 (FBAR)?

Answer

For calendar year 2018, the deadline for filing FinCEN Form 114 is April 15, 2019. FinCEN will grant filers failing to meet this deadline an automatic extension to October 15, 2019. Printed versions of BSA (Bank Secrecy Act) E-Filing forms are not for submission and will not be processed by the BSA.

You can electronically file FinCEN Form 114 via UltraTax CS, or individuals can file the form using the BSA E-Filing System instructions at http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html. FinCEN Form 114, formerly Form TD F 90-22.1, is not electronically filed with the IRS. FinCEN (Financial Crimes Enforcement Network) is a bureau of the United States Department of the Treasury. 

Note the following information regarding electronically filing FinCEN Form 114.

  • The turnaround time for FinCEN to issue acknowledgments (ACKs) has been slower than their documented one-business-day timeframe. We highly recommend filing FinCEN Form 114 well ahead of the April 15 deadline to avoid potential system downtimes and processing delays.

  • Unlike electronic filing with the IRS, FinCEN Form 114 does not have a perfection period (for example, five days for 1040 returns) for correcting forms that have been rejected. Files returned and rejected before the April 15 deadline should be updated with a reason and explanation for late filing. The explanation should include details regarding the original transmission before the rejection.

  • You can electronically file FinCEN Form 114 after the due date. Late filed forms must include a reason and an explanation for the late filing; enter the information in Screen 114 in the Foreign Bank & Asset folder.
  • If you experience issues with electronically filing Form 114 within the required timeframe, contact FinCEN’s Regulatory Helpline at 800-949-2732 (outside of the U.S., call 703-905-3975).
  • Failure to file a required Form 114 can result in a $10,000 penalty per violation, for each year. The penalty can be greater if the violations are deemed to have been willful. Penalties could be up to the greater of $100,000 or 50 percent of the amount in the account at the time of the violation.

  • Form 114a, Record of Authorization to Electronically File FBARs, must also be retained if the filer authorized a third party to file FinCEN Form 114. FinCEN FBAR records must be retained for five years.

  • For additional guidance when circumstances prevent the timely filing of a FinCEN Form 114, see FinCEN guidance, FIN-2013-G002 (June 24, 2013). To learn more about FBAR reporting, refer to the FBAR Reference Guide. 

Related topic: 1040-US ELF: Electronic filing FAQs