Who Must File an FBAR?

A United States¹ person² that has a financial interest³ in or signature authority⁴ over foreign financial accounts⁵ must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

When must the FBAR be filed?

The FBAR must be received by the Department of the Treasury on or before April 15th of the year immediately following the calendar year being reported. The April 15th filing date may not be extended.

What is the purpose of the FBAR?

Report of Foreign Bank and Financial Accounts, is used to report a financial interest in or signature authority over a foreign financial account

Can I get an extension of time to file?

If you file an extension on your tax return, the deadline for the FBAR is automatically extended as well. There is currently no separate extension that needs to be filed for the FBAR specifically.

Are there penalties for not filing or filing late?

A person who is required to file an FBAR and fails to properly file may be subject to a civil penalty not to exceed $10,000 per violation. If there is reasonable cause for the failure and the balance in the account is properly reported, no penalty will be imposed. A person who willfully fails to report an account or account identifying information may be subject to a civil monetary penalty equal to the greater of $100,000 or 50 percent of the balance in the account at the time of the violation. See 31 U.S.C. section 5321(a)(5). Willful violations may also be subject to criminal penalties under 31 U.S.C. section 5322(a), 31 U.S.C. section 5322(b), or 18 U.S.C. section 1001.

FinCEN introduces new forms

FinCEN posted a notice on their website (September 30, 2013) announcing the current FBAR form, FinCEN Report 114, Report of Foreign Bank and Financial Accounts. FinCEN Report 114 supersedes the previous years' form TD F 90-22.1)