It is commonplace to abhor the dated versions of particular items, especially when this means there is a possibility of having the very item in question turned down. Definitely, changing forms every year might not be a bad idea; especially the submission of tax returns, year in and year out. The FBARs are leading the in their constant shifts from one FBAR form version to another.
An example of the burdensome would be the case of FBARs. It happens that the United States Treasury Department’s Financial Crimes Enforcement Network has presented a new form that differs from the previous one. The previous FBAR’s form might still be in circulation and a section of the general public is still filing the old FBARs that are now, outdated. This was replaced by new forms and that have been in circulation for a while now.
2011 alone has seen two different versions of FBAR forms get into circulation. This has caused confusion as there is a March 2011 FBAR and a more recently, November 2011 FBAR. While it is alright to use the former, it is possible to lay hands on the latter, as it is the most preferred as per now.The earlier type of FBAR was released March 2011. Modifications made in the two versions include the fact that the March 2011 FBAR dictates that an individual is not permitted to file for amendment until 90 days after you have filed for a previous FBAR. The November 2011 FBAR provides that one has to wait for 120 days, 30 days more than the earlier version.
In addition, the March edition states that an individual is required to attach a statement highlighting specific add-on and detractions, as well as submit the recent FBAR and a copy of the earlier filed FBAR. The November 2011 FBAR doesn’t request this. An FBAR can be downloaded online from the IRS website, also from the Department of Treasury Financial Crimes Enforcement Network website. You can also get it by placing a voice call to the IRS.
There are several ways by which the IRS can amend an FBAR, and they include:
1. Checking off the amended box in upper right hand corner
2. Making add-ons or deductions
3. Attaching it to your previous FBAR copy
4. Attaching a report explaining the changes made
It is essential to note that this is just a guided help and not full authority on this issue. Any further inquiries or complications should be immediately forwarded to the IRS.