FBAR Foreign Bank Account Reporting

FBAR (Foreign Bank Account Report) requirements: Filing Threshold: Must file if aggregate balance of foreign financial accounts exceeds $10,000 at any time during the year. Who Must File: US persons (citizens, residents, entities) with foreign financial accounts. Covered Accounts: Bank Accounts: Checking, savings, time deposits. Investment Accounts: Mutual funds, securities accounts. Other Financial Accounts: Insurance policies with cash value, precious metals accounts. Signature Authority: Accounts where person has authority even without ownership. Filing Details: Form: FinCEN Form 114 (electronic filing only). Due Date: April 15 (automatic 6-month extension to October 15). Website: Filed through BSA E-Filing System. Required Information: Account Details: Account number, name of institution, address. Maximum Balance: Highest balance during year (not year-end balance). Account Type: Checking, savings, investment, etc. Penalties: Non-Willful: Up to $12,921 per account per year. Willful: Greater of $129,210 or 50% of account balance. Criminal Penalties: Up to $250,000 and 5 years imprisonment. Related Forms: Form 8938: FATCA reporting (different thresholds and filing location). Overlap: May need to file both FBAR and Form 8938 for same accounts. Best Practices: Track all foreign accounts throughout year. Maintain detailed records of maximum balances. File even if uncertain - penalties for not filing are severe.