Tuesday, June 23, 2015

Why I prefer the PDF form for FBAR e-filing

If you haven't already started your FBAR preparation, I'd recommend choosing the PDF version instead of the Online version.


The PDF version allows you to:-

1) Work at your own pace
- which is great if you are, like me, do not have all the FBAR information off the top of your head and have to keep referring to previous bank statements, spreadsheets, etc

2) Save as you go

3) Reuse form
- remember that FBAR filing is not a one off thing. You'll have to do it again the next year. So, if you save a copy of "unsigned" forms, you can edit the PDF form for year 2016, 2017, etc, instead of having to re-type the entire form all over again

4) Offline form preparation
- convenient. FBAR preparation is extremely time consuming (and annoying!). I had to spend close to 300 hours on it. The PDF form allows me to prepare my FBAR filing while on the train commuting to/fro work, instead of having to sacrifice a lot more of your social/family time