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FBAR stands for Foreign Bank Account Report, and refers to FinCEN Report 114 of Foreign
Bank and Financial Accounts.
If you have a financial interest in or signature authority over a foreign financial account,
including a bank account, brokerage account, mutual fund, trust, or other type of foreign
financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report
the account yearly to the Department of Treasury by electronically filing a Financial Crimes
Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR)
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On September 30, 2013, FinCEN posted a notice on their website announcing FinCEN Report
114. This report supersedes the previous years’ form TD F 90-22.1
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United States persons are required to file an FBAR if:
- the United States person had a financial interest in or signature authority over at least
one financial account located outside of the United States; and
- the aggregate value of all foreign financial accounts exceeded $10,000 at any time during
the calendar year reported.
United States person includes U.S. citizens; U.S. residents; entities, and trusts or estates formed
under the laws of the United States.
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Effective July 1, 2013, the FBAR must be filed electronically through FinCEN’s BSA E-Filing
System.
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When is FBAR reporting
Due?:
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The FBAR is a calendar year report and must be filed on or before April 15
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Do I need to file Form 8938
with IRS?
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Taxpayers with $50,000 on the last day of the tax year or $75,000 at any time during the tax
year must report those assets to the IRS on Form 8938, Statement of Specified Foreign
Financial Assets, which is filed with their income tax return.
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Delinquent FBAR Submission
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Electronic Filing Instructions
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Reporting of Foreign
Financial Accounts on the
Electronic FBAR
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