Online reporting of foreign bank accounts for Americans living abroad

To help you learn more about the new online reporting requirements of foreign financial accounts by Americans living outside the country, Chartered Professional Accountants of Canada (CPA Canada) is providing you with easy access to this informative article on the topic by MNP LLP.

If you provide accounting services to Americans living in Canada or in other parts of the world, it’s important for you to understand the new financial reporting requirements recently introduced by the U.S. government. Specifically, the Foreign Bank Account Reporting form TD F 90-22.1 has now been replaced by form 114, which is filed online through the Financial Crimes Enforcement Network.

You can learn more about this development and its implications for your clients with this MNP article, “Attention Americans: Foreign Bank Accounts Reporting (FBAR) Online Filing Is Now Mandatory.” Published June 15, 2014 on the organization’s Insights blog, it provides step-by-step instructions for properly completing this form.