Common questions about Form 114 in Lacerte

This article contains answers to frequently asked questions regarding the FinCEN Form 114 (FBAR). Click on a question below to view the answer.

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.

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When will Form 114 be available in Lacerte ?

FinCEN Form 114 is usually available in mid-January. See Tax Form finder for up to date information.

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What is the due date to electronically file the Form 114?

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.

The Act also mandates a maximum six-month extension of the filing deadline. To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required.

The following screens provide a check box to indicate that you are electing to take the automatic six month extension:

• Individual - Screen 82.1 Foreign Bank Account (Form 114) Code 50
• Partnership - Screen 60.1 Foreign Bank Account (Form 114) Code 50
• Corporate - Screen 73.1 Foreign Bank Account (Form 114) Code 50
• S-Corporate - Screen 67.1 Foreign Bank Account (Form 114) Code 50
• Fiduciary - Screen 71.1 Foreign Bank Account (Form 114) Code 50
• Exempt - Screen 80 Foreign Bank Account (Form 114) Code 50

Marking this check box will not mark anything on the return, and no extension form is required to be filed.

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Does Lacerte support E-filing of FinCEN Form 114?

Note: The 114a (signature authorization) form is required.  It may not show as an active form unless the Federal Form 114 is marked for e-file on Screen 1, Client Information. See E-filing Form 114/FinCEN Report (FBAR) in Lacerte for more information.

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How will it be e-filed, together with the main form or separately?

Form 114 is a separate e-filing type from the federal return, so it will be considered as a separate e-file and will not be e-filed with the Federal return. See E-filing Form 114/FinCEN Report (FBAR) in Lacerte for more information.

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Does Lacerte support E-filing of FinCEN Form 114 Amended return in the Individual module?

Yes. The program supports e-filing of Form 114 Amended return in the Individual module.

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Can I electronically file back year FBAR returns in prior year programs?

Yes. See Electronically filing prior-year Form 114 (FBAR) returns.

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What is the cost of e-filing Form 114?

There is no additional charge for e-filing Form 114. E-file is included in Fast Path services.

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Can I attach a PDF to Form 114?

No. At this time, FinCEN doesn't allow PDF attachments.

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Do I need an EFIN to e-file the Form 114?

Yes. An EFIN is required when filing Form 114. For additional information visit the FinCEN website. For further assistance when using the BSA E-filing website, you can contact the BSA E-Filing Help Desk at 1-866-346-9478.

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The Country Codes are different on Form 114, where can I view a list of these codes?

Per the BSA Electronic Filing Requirements for Report of Foreign Bank and Financial Accounts (pg. 52).  There are four links listed here:

• For U.S. addresses use only the authorized U.S USPS state, territory, or military address abbreviations.
• For Canadian provinces and territories use the USPS Corporation Codes.
• 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.

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The client letter does not include Form 114 FBAR information. How can I include this in the client letter?

Similar to the Amended letter, this information can only be included by generating the filing instructions. To do this:

1. Go to Screen 5, Invoice & Letter.
2. In the Filing Instructions section, mark Filing Instructions: 1=yes, 2=no [O] with a 1.
3. Check the box for Foreign Bank Accounts (FBAR) and all other applicable items.

Once this has been marked, you will see mention of Form 114 in the client letter, and the filing instructions will provide additional information. To include additional information on the client letter, the Custom Client Letter screen can be utilized. (screens vary by module).

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How do I enter a date on Form 114, line 46?

The date will auto-fill when the FBAR is electronically signed. The report will be electronically signed when filed.

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Related topics

• Generating Form 114 - FBAR
• Filing a Prior Year FBAR Form 114
• E-filing FinCEN Report (FBAR) in Lacerte