🌍FBAR: Key Points Before the Deadline

Reminder: the deadline for filing FBAR (Foreign Bank Account Report, FinCEN Form 114) is October 15. This is a mandatory electronic filing to report foreign financial accounts.

📌 Who must file?

If at any point in 2024 the combined balance of all foreign accounts exceeded $10,000 — FBAR is required.

📌 How to file?

Exclusively online — through FinCEN, not the IRS.

💳 Cryptocurrency and FBAR:

Currently, FinCEN does not require FBAR for accounts holding only cryptocurrency. However, if the account also holds fiat currency, it must be reported.

FinCEN plans to expand the rules, and crypto accounts may soon become subject to FBAR reporting.

⚠️ Penalties for non-filing:

• Up to $10,000 per unintentional violation (per undeclared account)

• Up to $100,000 or 50% of the account balance — for willful violations

✅ Don’t delay — review your 2024 account statements and file FBAR on time.

#FBAR #USTaxCIS