The FinCEN Form 114 (Report of Foreign Bank Accounts), commonly called an FBAR filing, reports financial interests in or signature authority over foreign financial accounts to the Financial Crimes Enforcement Network (FinCEN).

The filing is submitted by U.S. persons who have financial interests in or signature authority over a non-U.S. financial accounts.

Filing Requirements and Thresholds
  • U.S. Persons: All U.S. persons with financial interests in foreign accounts may be required to file an FBAR. A U.S. person includes U.S. citizens, residents, and entities (corporation, partnership, limited liability company (LLC), trusts, and estates).
  • Filing Thresholds: Must file if the aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
  • Types of Reportable Accounts. Reportable accounts include bank accounts, securities accounts with foreign brokers or dealers, cash value insurance policies, foreign pension and retirement accounts, and other foreign financial instruments.
Filing Deadlines
  • Electronic Filing: The form must be filed electronically through the FinCEN’s BSA E-Filing System. You can access the FinCEN website here.
  • Filing Deadline: The original due date is April 15 each year; however, taxpayers are granted an automatic extension to October 15. The extension is automatic and taxpayers do not have to file an extension request. FinCEN confirms in the following notice.  
  • Penalties for Non-Compliance. Taxpayers face up to a $10,000 penalty per non-wilful violation of the FBAR filings. The penalty can be up to 50% of the foreign account balance at the time of the violation. In some cases, criminal penalties including fines and imprisonment may apply.
Information Required on the FBAR
  • Personal Information: Type of filer (e.g., individual, partnership, corporation, fiduciary), name of the account holder, address, taxpayer identification number (TIN), and the date of birth for individual filers.
  • Account Information: Name of the financial institution, type of account (e.g., bank, securities, other), account number, maximum account value in USD (United States Dollar), and the country where the account is located.
  • Signature Authority: If filing for accounts where the filer has signature authority but no financial interest, similar information about the account and the principal account holder must be provided.
Coordination with IRS Form 8938

IRS Form 8938 (Specified Foreign Financial Assets) is similar to the FBAR filing, which requires certain taxpayers to disclose their foreign financial interests.

Although there is some overlap in the information reported, Form 8938 is more comprehensive and requires the disclosure of not only foreign bank and brokerage accounts, but also requires the disclosure of other types of foreign financial assets.

These foreign financial assets may include:

  • Ownership interest in a foreign corporation, partnership, or trust
  • Ownership interest in notes, bonds, or other debt issued by a foreign person
  • Ownership interest in options or other derivatives
Video Tutorials

Please visit our channel for a demonstration of FBAR filings:

Additional Information

Taxpayers looking for more information can visit the Form 114 instructions and the IRS website.