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    Report of Foreign Bank and Financial Accounts (FBAR)

    In today’s growing, global economy, it is fairly common for U.S. taxpayers to have a financial account (banking, pension, investment, etc.) located outside of the U.S. You might have to file a special form with FinCEN, the U.S. Treasury Department’s Financial Crimes and Enforcement Network or else face heavy penalties. This special form is commonly called “FBAR” or FinCEN Form 114, Report of Foreign Bank and Financial Accounts.

    Report of Foreign Bank and Financial Accounts (FBAR)

    Whether you live in the U.S. or abroad, every U.S. person (U.S. citizens, resident aliens, and U.S. corporations, partnerships, LLCs, trusts, & estates) is required to file FBAR if they are an owner, nominee, or have direct ownership of the account, or if you can control the distribution of the account’s funds, you must file FBAR if the balance of all of your accounts is more than $10,000 at any point during the calendar year. It makes no difference if the average amount in the account during the year is less than $10,000 or all the money is withdrawn by the end of the year. You’re also required to file a FBAR if a foreign account has non-monetary assets of more than $10,000. Fines for failure to file FBARs can reach up to $ 100,000.

    Department of the Treasury. Internal Revenue Service. (13-May-2019). Small Business and Self-Employed: Report of Foreign Bank and Financial Accounts FBAR. Retrieved from: https://www.irs.gov/businesses/small-businesses-self-employed

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