FBAR: Report on Foreign Bank Accounts

Some people think FBAR and Form 8938 are only for those with millions in foreign accounts. In reality, many don’t even realize they’re required to file these forms.

FBAR (Form 114) is a mandatory report if the total balance of all your foreign accounts exceeded $10,000 at any point during the year. It is filed directly with FinCEN through its online system.

✦ Which accounts must be reported?

✅ Accounts in foreign banks, investment firms, and financial institutions

✅ Personal and joint accounts

✅ Accounts where you have signature authority (corporate and others)

📆 Filing deadline: April 15 (with an automatic extension until October 15)

🚨 Penalties for non-filing:

– Up to $10,000 for an unintentional violation

– Up to $100,000 or 50% of the account balance for willful evasion

#FBAR #USTaxCIS