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Electronically filing Form 114, Report of Foreign Bank and Financial Accounts in ProSeries

by Intuit Updated 2 months ago

This article will assist you with e-filing Form 114, Report of Foreign Bank and Financial Accounts, in ProSeries Professional and ProSeries Basic

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.

How to electronically file Form 114 in ProSeries:

  1. Open the client return.
  2. Open the Federal Information Worksheet.
  3. Scroll down to Part VI, Electronic Filing of Tax Return Information
  4. Mark the checkbox labeled Electronic Filing of Form 114:  File Form 114 Report of Foreign Bank and Financial Accounts (FBAR) electronically.
  5. From File menu, select Go to Foreign Bank Reporting Form 114.
    • If you're using ProSeries Basic, click the State selection from the left navigation menu and check the box for Foreign Bank Report Form 114.
  6. After completing Form 114, run the ProSeries Final Review to check for errors. 
  7. Correct all errors reported in the Final Review.
  8. Save and close the client file.
  9. Go to the EF Center HomeBase in ProSeries (or the EF Clients tab in ProSeries Basic).
  10. Locate the client and note the row dedicated to the Form 114.
    • The EF Status column will display Frm 114 marked for EF, indicating the presence of a Form 114 that is available for e-filing.
  11. When you're ready to submit the client's Report of Foreign Bank and Financial Accounts electronically, highlight the Form 114 marked for EF row.
  12. Proceed with electronic filing the client's Form 114 just like you would if you were submitting an income tax return.
    1. From the EF Center or EF Clients tab, go to E-File on the menu bar, electronic filing, convert/transmit returns and extensions.
    2. When successfully submitted, the EF Status will display Frm 114 Received at Intuit and will transition to Frm 114 submitted to FinCEN once the filing is sent to the Financial Crimes Enforcement Network for processing.
    3. Remember to come back to check for acknowledgments on your Form 114.

Preparers are not required to register on the BSA website if they are efiling inside the ProSeries program.

Additional information:

When an electronically filed Form 114 is acknowledged, one of three basic acknowledgment statuses can be expected.  These acknowledgment statuses are displayed in the EF Status column on your ProSeries EF Center, or EF Clients tab, just like those issued for income tax returns.  However, the meaning and the handling of these acknowledgments differ from that of "traditional" income tax returns.

Please review each status below for an understanding of each acknowledgment status:

  • Frm 114 Accepted - This status indicates that Form 114, Report of Foreign Bank and Financial Accounts, was successfully filed electronically and no further action in required.
  • Frm 114 Conditional Accept - This status indicates that the electronically submitted Form 114 was received by the Financial Crimes Enforcement Network (FinCEN), but errors in the Form 114 filing were identified. Additional action will be required before the Form 114 will be considered successfully filed and Accepted.  To complete the Form 114 filing, you must correct the reported errors in the Form 114 and electronically submit an Amended Form 114 for the client.
    When it comes to identifying the errors, the Frm 114 Conditional Accept status is a hyperlink, similar to a reject issued for an income tax return  Clicking this status (hyperlink) will display the Electronic Filing Client Status History Report which provides information concerning the error(s) in the client's Form 114, as reported by the Financial Crimes Enforcement Network (FinCEN).
  • Frm 114 Rejected - A reject status should only be returned in rare instances.  A rejected status is typically reserved for errors in the formatting of the Form 114 filing and/or transmission related issues that would typically be handled by the Intuit Electronic Filing Center.  If you receive a Reject for a Form 114 filing, please follow the hyperlink to the Electronic Filing Client Status History Report where you will find additional information or instruction on how to proceed.

These same electronic filing and acknowledgment statuses also apply to all Amended Form 114 filings.

Electronically filed Form 114 filings are transmitted to the Financial Crimes Enforcement Network (FinCEN) for processing.  Once submitted to FinCEN, acknowledgments for electronically filed Form 114 filings are expected to be available in 48 hours, but processing can take up to 5 days in some cases.  Form 114 filings require longer processing time than Federal returns filed with the Internal Revenue Service.

All Form 114, Report of Foreign Bank and Financial Accounts, filings must be submitted electronically and cannot be filed on paper.

If you wish to submit a Form 114 filing outside of ProSeries, you may submit your client's Report of Foreign Bank and Financial Accounts online at the FinCEN website. For more information, please visit the BSA E-filing System and review BSA Steps for details on the filing process. For assistance with using the BSA E-filing website, you may contact the BSA E-Filing Help Desk at 1-866-346-9478.

Additional information concerning the Form 114 Foreign Bank Account Report (FBAR), is available on the Financial Crimes Enforcement website (FinCEN).

ProSeries gives users the ability to e-file Form 114 for the currently due tax year and two prior. Currently, years you can e-file through ProSeries are 2023, 2022 and 2021. Make sure to use the ProSeries product year that corresponds to the 114 you’re preparing.

Form 114 may also be submitted electronically online, for all tax years, via the BSA E-FIling System website. The BSA E-Filing System website provides filers the ability to enter the calendar year reported, including past years, when completing Form 114 online.

It also offers an option to explain a late filing, or to select "Other" to enter up to 750-characters within a text box where the filer can provide a further explanation of the late filing or indicate whether the filing was made in conjunction with an IRS compliance program.

For more information, please visit the Financial Crimes Enforcement Network website, and the BSA E-Filing System website.

ProSeries offers an Electronic Filing Reports feature. The following reports are available to provide information on an e-filed Form 114, as well as other income tax return filing types:

  • Acknowledgment Report
  • Postmark Report
  • Electronic Filing Client Status History Report
  • Electronic Filing Client Details Report

These Electronic Filing Reports may be generated for single client filings or multiple client filings.

Refer to this article for instructions on generating these reports.

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