I picked this up over the weekend and am not sure what to make out of it.
If this gets traction with the “Homelanders” then I guess RBT for individuals will have a very hard time.
Because after all …..
I received this email from my Enrolled Agent today!
Dear Valued Client,
The IRS and the Financial Crimes Enforcement Nework (FinCen) announced on Friday that paper FBARs will no longer be acceptedas of today, July 1, 2013. If you have not filed your 2012 FBAR yet and you intend to file it yourself, you will need to create an account at FinCen’s Bank Secrecy Act (BSA) e-filing website http://bsaefiling.fincen.treas.gov/main.html to file your FBAR. After you create your account you will be given a PIN code. You must then logon to the website whose link you will receive via email, click on the FBAR link on the left side of the website and manually enter all of your FBAR data into the writeable pdf version of their FBAR form. I recommend you also save the FBAR to your computer before you click the button to e-file it.
Professional tax software programs are not yet capable of e-filing FBARs so professional tax preparers must manually enter your FBAR data into the FinCen website. We will be happy to do this for you, however due to the additional work and time involved, we must raise our fees for FBAR preparation to CHF 20 per account if we e-file the form for you. We will also just prepare a paper FBAR for you that you may copy into the FinCen website for our normal fee of CHF 10 per account.
The professional tax software companies are frantically working on a solution to allow professional tax preparers to e-file the FBARs directly from our software. As soon as such a solution is in place, our FBAR preparation and e-filing fee will return to CHF 10 per account.
[Editor’s note] In this post, ACA cites a law article:
Professor Allison Christians, of McGill University Montreal, has published in the July 9, 2012 issue of International Tax Notes an excellent article on FBAR and FATCA filing entitled “Could a Same-Country Exception Help Focus FATCA and FBAR?”