THE NEW E-FILE FINCEN FORM - Are YOU ready?

RE: THE FINCEN FORM - E-FILING - NEW INFO

Lot's of opinions, talk, and rumors abound. Soooo... Let's FOCUS on the facts.

BE ASSURED - You can EXPECT to INTERACT with a FINCEN Currency Transaction Report form when you show up for your currency exchange.

* SCROLL TO BOTTOM OF THIS PAGE - QUICK DOWNLOAD of THIS FORM *

In the past, the 'hard copy' version of this form was completed by your banker with you.

NOW - Federal legislation / statutes require E-FILING of a Currency Transaction Report - OMB No. 1506-0064. This is an electronic filing version of the FINCEN form you've been hearing about.

So, TODAY - it makes GOOD SENSE to familiarize yourself with this form BEFORE you arrive at your ce appointment.

NOW is the time to PRACTICE / PREPARE by completing the FINCEN Currency Transaction Report - OMB No. 1506-0064.

"HOW CAN I GET THIS FORM?" You may download a copy the the ACTUAL FORM, complete it... and STUDY it... (so you'll be prepared with all the information that you'll be asked for). THEN, PRINT it out to use as a guide at your ce appointment.

HOW download a copy. Click here:
1. Go to The BSA E-Filing System at [You must be registered and logged in to see this link.] .

2. Look along the right side of the page (light blue column) click on the link "New - Currency Transaction Report".

3. Next - Open the .pdf by clicking on "Open With Different Viewer".

4. Download the .PDF and open it. What you will be looking at will be a similar screen form that your banker will be looking at as he/she asks you the questions (to complete the form).

Of course this is YOUR option as to whether you do this or not.

NOW, If this seems too complicated... then simply go over the pre-electronic filing 'hard copy' version of the FINCEN Currency Transaction Report form with your accounting/law/tax professional.

Or, you could try cordially asking your banker to print out the E-FILE FINCEN Currency Transaction Report form... and GO OVER IT WITH YOU - explaining each part of the form to you. Your exchange being significant, you may expect to find favor and receive the assistance that you need.

MORE INFORMATION:
1 Final Notice 77 Fed. Reg. 12367 (2012) mandates electronic filing of certain BSA reports by July 1, 2012.
2 See [You must be registered and logged in to see this link.]
3 See [You must be registered and logged in to see this link.]
4 31 CFR §1010.820.

[You must be registered and logged in to see this link.]
April 1st, 2013 - Mandatory Use of FinCEN Reports
New - Currency Transaction Report
Welcome to the BSA E-Filing System
Graphic of some SARS forms
The BSA E-Filing System supports electronic filing of Bank Secrecy Act (BSA) forms
(either individually or in batches) through a FinCEN secure network. BSA E-Filing provides a faster, more convenient, more secure, and more cost-effective method for submitting BSA forms. Additional benefits are listed under Using BSA E-Filing.
How does BSA E-Filing work?

The BSA E-Filing System is hosted on a secure website accessible on the Internet. Organizations that file BSA forms with FinCEN can securely access the system after they apply for and receive a user ID and password from FinCEN. In addition, individuals can apply for and receive a user ID and password from FinCEN to file the FBAR report.

WE ADVISE STRONGLY that this form be COMPLETED with help of LEGAL PROFESSIONAL...

ABOUT THIS POST: Absolutely NO financial or legal advice is given or intended in this post. As always, consult Certified Professional Tax, Accounting, Estate Planning and Financial advice before signing any document or making any verbal agreements.

Neither OOM&F nor its affiliates provide ANY legal advice whatsoever. Please consult your legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depend on the specific facts of your own situation at the time your taxes are prepared. This post subject to terms and conditions of use of [You must be registered and logged in to see this link.]

"SUBJECT TO RULES AND TERMS OF USE OF OOM&F" -
OOM&F ASSUMES NO RESPONSIBLITY OR LIABILITY OF ANYONE USING THIS FORM

MiddleClassMaiden thank you so much for all you do for us in oom.
Having only a tablet with no other available computer to download this form on could you possibly post the form as the post? This would be deeply appreciated by perhaps many with the same restrictions.
Again, thank you MiddleClassMaiden.
jubilee486

jubilee486 wrote:MiddleClassMaiden thank you so much for all you do for us in oom.
Having only a tablet with no other available computer to download this form on could you possibly post the form as the post? This would be deeply appreciated by perhaps many with the same restrictions.
Again, thank you MiddleClassMaiden.
jubilee486

THANK YOU for your comment and question. Perhaps you (and others who are facing the same issue) could ask a friend member of your family to download the .PDF of the form it for you (at the bottom of the post) and then email it to you. If it were me, this is what I would do. re: posting the form as a post... The form is 1. Subject to change and copyright by its author and 2. An INTERACTIVE - fill-in-the-blanks format. To attempt to post it would remove the interactive formatting. THANK YOU for asking.

Part II Amount and Type of Transactions(s) They show "Cash In" and Cash Out" as items 25 and 27. (e) is Currency exchange(s) for both. Will cash in and cash out trip us up referene taxes?

mccook wrote:Part II Amount and Type of Transactions(s) They show "Cash In" and Cash Out" as items 25 and 27. (e) is Currency exchange(s) for both. Will cash in and cash out trip us up referene taxes?

A very GOOD question, dear! ONE that encourages ALL of us to DOWNLOAD the form "CONSULT YOUR LEGAL ADVISORS TO DETERMINE HOW THIS INFORMATION MAY APPLY TO YOUR OWN SITUATION.

If it were me, I would simply ask my banker 'What would "Cash In" and Cash Out" (as items 25 and 27) mean regarding my currency exchange today?'

Thank you mccook; this is the question I've been trying to get answered all day. Best advise is to consult legal advisors.

What happen if people have no computer or are unable to down load this form?
Please help my computer is not able to use pdf files downladings.[

Actually, what I've learned is the value of seeking professional advice for something I don't fully understand. The form is not such a big deal after all.

This appears to be only for institutions such as banks to fill out when they send in currency. It does not pertain to individuals doing a currency exchange. Go to [You must be registered and logged in to see this link.] to check it out for yourselves.

newby the bank will fill out this form . this is real simple, is is an anti money laundering protection. Thats it. no bells and whistles. Cash transactions of around 10k and the bank does the form simple. This i not a big deal everyone, they have been using them for a long time. most of us just never had enough money to see them. Get used to them. I pray I see a lot of them real soon. God Bless

Folks, this form is a standard form that ALL banks and credit unions have to use and send to the UST, for IRS purposes. This form has been around for a VERY long time and it is required that a financial institution fill out this form for ANY cash transaction OVER 10,000 dollars, so at 10,001 it has to be filled out. This is for withdrawal or deposit.
Both of my children work at a financial institution, and trust me, this is NOT a big deal. There is nothing to be ready for or afraid of, it is standard. My eldest has been in "banking" for over 11 years and has talked about this form a number of times over the years, it is not new or anything to be scared of. Basically it is just for the IRS making sure they know everything is on the up and up.
Also, the bank will not have us fill it out, they will do it and e-file it.

Thank you very much for this clarion post on a topic that seemed way too mysterious. Much appreciated!