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Common questions about Form 114 in Lacerte

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Common questions about Form 114 in Lacerte

This article contains answers to frequently asked questions regarding the FinCEN Form 114 (FBAR). Click on a question below to view the answer.

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.

The Act also mandates a maximum six-month extension of the filing deadline. To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required.

FinCEN Form 114 is usuablly available in mid-January. See Lacerte Form Status for up to date information.

Yes.  

Note: The 114a (signature authorization) form is required.  It may not show as an active form unless the Federal Form 114 is marked for e-file on Screen 1, Client InformationE-filing FinCEN Report (FBAR) in Lacerte

Form 114 is a separate e-filing type from the federal return so it will be considered as a separate e-file and will not be e-filed with the Federal return. See E-filing FinCEN Report (FBAR) in Lacerte for more information.

Yes. Lacerte will support e-filing of Form 114 Amended return in the Individual module.

There is no additional charge for e-filing Form 114. E-file is included in Fast Path services.

No.  At this time, FinCEN does not allow PDF attachments.

Yes.  An EFIN is required when filing Form 114. For additional information visit the FinCEN web site. For further assistance when using the BSA E-filing web site you can contact the BSA E-Filing Help Desk at 1-866-346-9478.

Per the BSA Electronic Filing Requirements for Report of Foreign Bank and Financial Accounts (pg. 52).  There are four links listed here:

  • For U.S. addresses use only the authorized U.S USPS state, territory, or military address abbreviations.
  • For Canadian provinces and territories use the USPS Corporation Codes.
  • For Mexican states and territories use the ISO 3166-2 three-letter codes.
  • For all countries use the ISO 3166-1 two-letter country codes.

Per the FinCEN website, the extension is automatic. 

Similar to the Amended letter, this information can only be included by generating the filing instructions.  To do this;

  1. Go to the Invoice & Letter Screen 5.
  2. In the Filing Instructions section, mark Filing Instructions: 1=yes, 2=no [O] with a 1.
  3. Check the box for Foreign Bank Accounts (FBAR) and all other applicable items.

Once this has been marked, you will see mention of Form 114 in the client letter, and the filing instructions will provide additional information. To include additional information on the client letter, the Custom Client Letter screen can be utilized. (screens vary by module)

The date will auto-fill when the FBAR is electronically signed. The report will be electronically signed when filed.

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