This article will help you create Form 114 in both ProSeries Basicand ProSeries Professional.
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, that is, the individuals who ultimately own or control the company. For more information see here.
Create Form 114 in ProSeries Professional:
- Open the client's tax return.
- From the File menu, select Go to Foreign Bank Reporting Form 114.
- The Foreign Bank Accounts Information Worksheet will open.
- Open the Form 114, page 2-5 to complete the information for the bank accounts.
- After you've completed your data entry for Form 114, use the ProSeries Final Review to check for errors.
If Go to Foreign Reporting Form 114 is disabled (grayed out) and cannot be selected from the File menu, the new version of the form may not be ready yet. ProSeries will need to be updated to install Form 114 once the new version of it is released from the IRS. You can learn when the IRS will release new forms on the Release Dates page in ProSeries. Learn more here.Create Form 114 in ProSeries Basic:
- Open the client's tax return.
- Select the State button.
- On the Choose State tab, check the box for the Foreign Bank Report Form 114.
- The Foreign Bank Accounts Information Worksheet will open.
- Open the Form 114, page 2-5 to complete the information for the bank accounts.
- After you've completed your data entry for Form 114, use the ProSeries State Final Review button to check for errors.
Form 114 country codes:
Per the FinCEN XML User Guide, you can find the current code lists in the following places:
- For U.S. address use only the authorized U.S. USPS state, territory, or military address abbreviations found in Publication 28 - Postal Addressing Standards.
- For Canadian provinces and territories, use the Canada Financial Crimes Enforcement Network FinCEN FBAR XML Schema User Guide.
- 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 found on this webpage.
- Additional information about ISO 3166 codes can be found on the BSA E-Filing Program website.
The ISO 3166-2 country list contains the code “UM” that stands for the United State Minor Outlying Islands. Using “UM” in country fields is prohibited. These islands are uninhabited. As such they have no addresses.
