Transcript FastFacts Feature Presentation

Slide 1
FastFacts
Feature Presentation
02/07/2014
To dial in, use this phone number and
participant code…
Phone number: 888-651-5908
Participant code: 182500
To participate via VoIP…
You must have a sound card
You must have headphones or
computer speakers
© 2012 The Johns Hopkins University. All rights reserved.
Slide 2
Today’s Topic
We’ll be taking a look at…
How to Complete the
FBAR Online
Slide 3
Today’s Presenter
Margaret Nock
Treasury Associate
Office of the Treasurer
Contact: [email protected]
443.997.4092
Slide 4
Session Segments
Presentation
Margaret will explain the BSA E-Filing system and the
importance of filing the FBAR online.
During Margaret’s presentation, your phone will be muted.
Q&A
After the presentation, we’ll hold a Q&A session.
We’ll open up the phone lines, and you’ll be able to ask
questions.
Margaret will answer as many of your questions as time allows.
Slide 5
Contact Us
If you would like to submit a question during the presentation or if
you’re having technical difficulties, you can email us at:
[email protected]
You can also send us an instant message!
GoogleTalk – [email protected]
AOL Instant Messenger – HopkinsFastFacts
MSN – [email protected]
Slide 6
Survey
Survey
At the end of this FastFacts session, we’ll ask you to complete a
short survey.
Your honest comments will help us to enhance and improve
future FastFacts sessions.
Slide 7
How To View Full Screen
Slide 8
How to Complete the FBAR
Online
Slide 9
Agenda
After today’s presentation you will be able to:
Establish the purpose and importance of filing an FBAR (Report of Foreign
Bank and Financial Accounts)
Describe the BSA E-Filing enrollment process
Demonstrate how to correctly complete and submit the FBAR form
Slide 10
Who Are We… And What Do We Do?
Treasury Operations
Treasury Operations is responsible for managing both domestic and
international banking for the university.
Treasury Operations is also responsible for managing the daily and short
term cash needs.
Treasury Operations also includes Cash Accounting. They are responsible
for posting incoming checks, wires, and ACH payments to SAP.
Slide 11
What? Who? Why?
What is an FBAR (Report of Foreign Bank and Financial Accounts)?
Annual reporting for persons who have a financial interest in or signature
authority over a foreign financial account (including a bank account, brokerage
account, mutual fund, trust, or other type of foreign financial account) that
exceeds certain thresholds.
Who must file an FBAR?
United States persons are required to file an FBAR if:
The United States person had a financial interest in or signature authority
over at least one financial account located outside of the United States; and
The aggregate value of all foreign financial accounts exceeded $10,000 at
any time during the calendar year to be reported.
Is E-filing mandatory?
Yes, effective July 1, 2013. In an effort to improve efficiency, reduce
government and industry costs, and allow the Financial Crimes Enforcement
Network (FinCEN), law enforcement, and regulators to gain better and timelier
access to important financial information, the FinCEN is requiring the electronic
filing of certain reports.
Slide 12
E-Filing Enrollment Process
The Office of the Treasurer serves as the administrator of the BSA E-Filing
System..
As a filer, you are responsible for activating your account once enrollment
has occurred.
Once enrolled, you will receive an email from BSA E-Filing with the subject
line: BSA E-Filing New User ID. This email will contain the new User ID
(email address of the filer) and a link to instructions for activation.
Once you’ve activated your User ID, an email is automatically sent to the
Office of the Treasurer confirming the activation.
The Office of the Treasurer will then assign the FBAR filer role required for
you to begin use of the system.
Slide 13
Double-click the FBAR PDF to Print
Slide 14
BSA E-Filing – Frequently Asked
Questions
Who can help me with completing my FBAR online?
You can call the FBAR Help Desk at 866-270-0733. They are available
Monday through Friday, 8:00 a.m. to 4:30 p.m. Eastern Standard Time.
Questions can also be sent to the FBAR Help Desk at
[email protected].
Can I reset my own password?
Yes, you can. However, if you have made too many unsuccessful
password attempts, you will be locked out of the system. If you are
locked out of the system, you must call the BSA E-filing Technical Help
Desk at 866-346-9478 to be reset. They are available Monday through
Friday, 8:00 a.m. to 6:00 p.m. Eastern Standard Time. Questions can
also be sent to the BSA E-Filing Help Desk at
[email protected].
Slide 15
BSA E-Filing – Frequently Asked
Questions (Continued)
What are the technical requirements to use BSA E-Filing?
A computer and Internet browser are required. The platform required
for use is Windows XP Professional with Service Pack 2 or 3, Windows 7
Service Pack 1 or later, or Windows 8. You must also have Adobe
Reader 9.5 or higher (Adobe X or XI). There is no cost to download,
install, or use the Adobe Reader software. Adobe Reader system
requirements include Internet Explorer 8.0 or higher, Firefox 19.0.2 or
higher, or Chrome 25 or higher.
I have a MAC computer. Is it compatible for use with the site?
No, unfortunately MAC computers are not compatible.
Slide 16
BSA E-Filing – Frequently Asked
Questions (Continued)
Can I submit a printed version of the electronic Bank Secrecy Act
(BSA) E-Filing BSA Form to FinCen?
No. FinCen will not accept printed versions of the forms produced by
BSA E-filing. This type of submission does not meet the reporting
requirements under Title 31, part 103 of the Bank Secrecy Act.
Is there a penalty if I don’t file?
Yes, there is. Failure to file may result in a civil penalty not to exceed
$10,000. A person who willfully fails to report an account’s identifying
information may be subject to a penalty equal to or greater than
$10,000, or 50% of the balance of the account at the time of the
violation.
Slide 17
Conclusion
The BSA E-Filing of forms is…
Faster
Convenient
Secure
Cost-effective
Slide 18
Q&A
We’re going to open the phone lines now!
There will be a slight pause, and then a recorded voice will provide
instructions on how to ask questions over this conference call line.
We’ll be answering questions in the order that we receive them.
We’ll also be answering the questions that were emailed to us
during the presentation.
If there’s a question that we can’t answer, we’ll do some research
after this session, and then email the answer to all participants.
Slide 19
Thank You!
Thank you for participating!
We would love to hear from you.
Are there certain topics that you would like us to cover in future
FastFacts sessions?
Would you like to be a FastFacts presenter?
Please email us at: [email protected]
Slide 20
Survey
Before we close, please take the time to complete a short survey.
Your feedback will help us as we plan future FastFacts sessions.
Click this link to access the survey…
http://connect.johnshopkins.edu/fastfactssurvey/
Thanks again!
Slide 21
Resources
The page contains a link to a resource mentioned throughout this
presentation. You can click the link or copy and paste the link into your
web browser.
http://www.irs.gov/Businesses/Small-Businesses-&-SelfEmployed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR