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Screen 114 - Report of Foreign Bank Accounts (FBAR) (1120)
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Overview
note
Electronic filing note:
When entering data for electronic returns, you need to follow specific BSA guidelines to ensure that the return will not be rejected. For details, refer to preparing FinCEN Form 114 for electronic filing.Use this screen to complete the information necessary to complete FinCEN Form 114, Pages 1 and 6. 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 corporation 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.
FinCEN Form 114 must be electronically filed through the BSA E-File system. Form 114 prints as a worksheet for the client record, or for the taxpayer to use if they file their FBAR through their own BSA account.
FinCEN Form 114 — General Information
Number of foreign accounts, if 25 or more (Force)
The number of foreign accounts is automatically calculated for FinCEN Form 114 from what you entered in the FrgnAcct screen. If the number of foreign accounts is 25 or more, Parts II and III are not required. If records of foreign accounts are maintained outside of this application, enter the number of accounts in this field and leave the account information fields in the Financial Account Information section in the FrgnAcct screen blank. The information you enter in this field overrides the number of foreign accounts entered on the FrgnAcct screen.
note
If the number of foreign accounts is 25 or more, FinCEN Form 114, Parts II and III are not completed. To complete Parts II and III even when they are not required, enter
X
in the Complete Part II and III if more than 25 foreign accounts
field.Number of accounts filer has signature authority over, if 25 or more (Force)
The number of foreign accounts the filer has signature authority over, but no financial interest in, is automatically calculated. If the number of accounts is 25 or more, only lines 34 through 43 on FinCEN Form 114, Part IV are completed. The information you enter in this field overrides the number of foreign accounts entered on the FrgnAcct screen.
FinCEN Form 114a signature status
Enter
1
(Paper Signed And Returned) when Form 114a, Record of Authorization to Electronically File FBARs, requires a written signature from the taxpayer and a signed Form 114a has been returned to your office. The application only allows you to enter 1 or leave the field blank in this view. The view is automatically updated with the appropriate selection from Utilities, then 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, then Electronic Filing Status.FinCEN Form 114 has already been filed
Enter
X
in this field once Form 114 has been filed to suppress the creation of the electronic file. If you select M
in the Amended or late filed form
field on the 114 screen, the application allows the creation of the electronic file even if you mark this field.Account owner is filing FinCEN Form 114
Enter
X
if the account owner will file FinCEN Form 114 through their own account with the Treasury Department. When you mark this field, the creation of Form 114 is suppressed and the filing instructions print with instructions to access the BSA website.Foreign country for Other Country (“OC”)
If you enter the foreign country code OC, you must also enter the corresponding ISO country code in this field.
Mexico state
If the taxpayer's address entered on the 1120 screen is in Mexico, select the applicable Mexico state from the fieldview. This field is required for electronic filing with the Treasury Department.
Other Information
Amended or late filed form
Refer to FinCEN Form 114 (FBAR).
BSA Identifier
Enter the BSA Identifier that was received when the FinCEN Form 114 was electronically filed. This identifier is automatically entered 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.