The Evolving Submission Process for FBAR Filing Verification
The IRS recently changed the process under which it accepts requests for verification that it has received a filed FinCEN Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR).
Before November 19, 2019, the agency allowed FBAR filers to call its FBAR hotline to obtain verbal verification of filing for up to five FBARs at no charge. However, filers were required to make written requests for:
- Verification of filing of more than five FBARs,
- Paper copies of filed FBARs, and
- Verification of copies requested by an authorized representative.
For written requests for FBAR filing verification, there’s a $5 fee for verifying the filing status of five or fewer FBARs and a $1 fee for each additional FBAR filing verification requested. If the requester needs copies of the filed FBARs, there’s an additional fee of $0.15 per copy of the entire FBAR.
As of November 19, 2019, the IRS has no longer accepted verbal requests for verification of FBAR filings. All requests for verification of an FBAR filing must be submitted in writing. Consequently, the existing fee structure will apply to all verification requests.
In response to written requests, the IRS will send a letter stating whether the record shows that an FBAR was filed and, if so, the date filed. If a copy of a paper-filed FBAR was requested, a copy will be included with the IRS’s letter.
The IRS has made this process change so that it can have documentary evidence of all FBAR filing verification requests, as well as evidence of its responses to those requests.
Contact Brady Ware’s International Tax experts with questions!