New for filing season 2013, batch e-filing capability has been added to UltraTax CS for the e-filing process administered by the U.S. Treasury Department known as the BSA E-Filing System. This system supports e-filing of Bank Secrecy Act (BSA) forms. E-filing through the system occurs separately from e-files transmitted to the IRS through the Modernized e-File (MeF) program.
BSA FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is used to report foreign accounts and replaces the obsolete Form TD F 90-22.1. Form 114 must be e-filed with the Treasury Department via its BSA E-Filing System. This new form is included in 2013 UltraTax CS; enter data for Form 114 in Screen 114 and Screen 114-2 in the Other folder. Screen 9022 has been removed from the application, and foreign bank account and other information entered on Screen 9022 in 2012 UltraTax CS will proforma to new Screens 114 and 114-2.
- 2013 UltraTax CS will support the batch e-file of Form 114 through the BSA E-Filing System on a future release.
- Form 114a, Record of Authorization to Electronically File FBARs, is an e-file signature authorization form similar to IRS e-file Form 8879. Form 114a is also provided in 2013 UltraTax CS.
When FinCEN Form 114 has been accepted, UltraTax CS sends an automatic email acknowledgment to your clients. This email message is similar to the email acknowledgment currently sent for tax return and extension acknowledgments.
Refer to the following resources for more info on this topic.
- Screen 114 – Report of Foreign Bank Accounts (1040) in our Help & How-To Center
- Financial Crimes Enforcement Network: BSA E-Filing System