FinCEN Introduces New Form for Authorizing FBAR Filing by Spouses and Third Parties
Recently, the Financial Crimes Enforcement Network (FinCEN) introduced FinCEN Form 114(a) Record of Authorization to Electronically File FBARs, for authorizing FBAR filing by spouses and third parties. Filers and account owners would maintain copies of this form, but it would not submitted to FinCEN.
FinCEN is also in the process of making technical adjustments to ease FBAR filing and allow for enhancements, such as introducing new space on the form for filers to provide reasons for late filing and adding third-party preparer information. FinCEN anticipates the revised electronic FBAR and batch capability will be available for general use by September 30, 2013.