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FBAR

CTC
Level 3

I have a new client that needs to have his FBARs amended. An attorney told him to have me amend the FBARs back through 2016 with the additional information.

Can that be done through ProConnect? I'll be doing his 2020 tax return.

Thanks.

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itonewbie
Level 15

The short answer is no.  The only way to e-file FBAR for 2016 and earlier years is to do so directly with FinCEN via BSA E-Filing System.  You will need to sign up for an account on the website if you don't already have one: https://bsaefiling1.fincen.treas.gov/BSALoginMain

The long answer is that you should technically be able to e-file any prior year FBARs, even without an EFIN.  However, Lacerte/PTO (like some other tax products) is able to e-file FBAR only if all the conditions for e-filing a federal return are met (i.e. subject to the usual current year plus two prior years limit for tax returns and there must be a valid EFIN on the Intuit account).

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Still an AllStar

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1 Reply 1
itonewbie
Level 15

The short answer is no.  The only way to e-file FBAR for 2016 and earlier years is to do so directly with FinCEN via BSA E-Filing System.  You will need to sign up for an account on the website if you don't already have one: https://bsaefiling1.fincen.treas.gov/BSALoginMain

The long answer is that you should technically be able to e-file any prior year FBARs, even without an EFIN.  However, Lacerte/PTO (like some other tax products) is able to e-file FBAR only if all the conditions for e-filing a federal return are met (i.e. subject to the usual current year plus two prior years limit for tax returns and there must be a valid EFIN on the Intuit account).

---------------------------------------------------------------------------------
Still an AllStar

View solution in original post