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Federal input screens

Screen 114 - Report of Foreign Bank Accounts (FBAR) (1040)

Overview

Use this screen to complete the information necessary to complete FinCEN Form 114, Pages 1 and 5. FinCEN Form 114 is required to report each financial account, including bank, securities, or other types of financial accounts in a foreign country in which the taxpayer and / or spouse has a financial interest or signature authority, when the aggregate value of all accounts exceeds $10,000. Use one unit of the
FrgnAcct
 screen for each foreign account.
Form 114 prints as a worksheet for the client record, or for the taxpayer to use if they file their FBAR individually with BSA E-file.

FinCEN Form 114 — General Information

UltraTax CS automatically calculates the number of foreign accounts for FinCEN Form 114 that have been entered in the
FrgnAcct
screen. If records of foreign accounts are maintained outside of UltraTax CS, enter the number of accounts in
Number of foreign accounts filer has financial interest in, if 25 or more (Force)
 on the
114
 screen and no entry is required for the Financial Account Information section on the
FrgnAcct
 screen.
Enter
1
 (Paper Signed And Returned) when Form 114a, Record of Authorization to Electronically File FBARs, requires a written signature from the taxpayer(s), and a signed Form 114a has been returned to your office. The only options that you can select in this view are blank and
1
. Other options are
2
 (Esign Sent),
3
 (ESign Failed),
4
 (ESign Declined), and
5
 (ESigned). UltraTax CS automatically updates the view with the selection from
Utilities
,
Electronic Filing Status
 when using ESignature. This is an optional tracking tool for Form 114a management and works bi-directionally with the Signature Document column in
Utilities
,
Electronic Filing Status
.
Enter
X
 when filing Form 114 past the original due date (April 15) but before the automatic six-month extended due date (October 15). When this field is marked, the printed FinCEN Form 114 filing instructions will show
October 15, 20XX
. If the amended or late filed form field contains data, the printed filing instructions will show
As Soon As Possible
.
Enter
X
 in this field once Form 114 has been filed to suppress the creation of the electronic file. Selecting
M
 in
Amended or late filed form
 on the
114
 screen will let the creation of the electronic file even if this box is marked. UltraTax CS automatically marks this box with blue text once the FBAR acceptance has been received. Don't unmark this box in this situation. If the FBAR needs to be re-filed, enter
M
 in
Amended or late filed form
.
Enter the title of the filer that will appear on FinCEN Form 114, line 45. Leave Title of filer blank if the individual is reporting a personal financial interest in the foreign accounts.
If the FinCEN Form 114 filer doesn't have a taxpayer identification number, select a code in
Type of foreign identification
 that describes the type of foreign identification to be used on the form.
In
Foreign Identification number
,
Foreign country code
 and
Country
, enter the identification number shown on the document and the country of issuance.
If the
1040
 screen Residence address is in Mexico, select the Mexico state from the fieldview. This field is required for electronic filing with the Treasury Department.

Other Information

Select a code from the Amended or late filed form fieldview that describes the reason for late filing or indicates the form is being amended. When selecting code Z for Other reason, complete
Explanation for late filing code Z, Other
.
Enter an explanation of the reason for filing FinCEN Form 114 late. This information is required for Amended or late filed form code Z, Late filing: Other reason.
Code Z, Late filing: Other reason
 can be used when filing under the Offshore Voluntary Disclosure Program or similar initiatives.
Enter the BSA Identifier that was received when the FinCEN Form 114 was electronically filed. UltraTax CS automatically enters this identifier when the electronic file is transmitted and accepted via CS Connect. The BSA Identifier is required to amend a Form 114 that was previously electronically filed. If the Prior Report BSA Identifier isn't known, enter all zeroes in this field (00000000000000).
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