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Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts.
How to report. Those required to report their foreign accounts should file the FBAR electronically using the Financial Crimes Enforcement Network's BSA E-Filing System. The FBAR is due April 15. If April 15 falls on a Saturday, Sunday or legal holiday, the FBAR is due the next business day.
This guide is for United States (U.S.) persons who must file the FBAR, and for professionals who prepare and electronically file FBAR reports on behalf of their clients.
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The full line item instructions are located at FBAR Line Item Instructions. Which FBAR Filer Are You?
FBAR - Electronic Filing Instructions. The following instructions apply only to the electronic filing of the Report of Foreign Bank and Financial Accounts (FBAR), FinCEN Form 114, through the Financial Crimes Enforcement Network’s (FinCEN’s) BSA E-Filing System.
To file the FBAR as an individual, you must personally and/or jointly own a reportable foreign financial account that requires the filing of an FBAR (FinCEN Report 114) for the reportable year.
The line item instructions for completing the FBAR are located at Line Item Instructions. If you have regulatory questions on how to complete the FBAR properly, please direct these to the Regulatory Hotline at 1-800-949-2732, if calling from outside the United States contact 703-905-3975.
FinCEN Report 114, Report of Foreign Bank and Financial Accounts (FBAR), is used to report a financial interest in or signature authority over a foreign financial account. The deadline to file the FBAR to FinCEN coincides with the current IRS tax season filing deadline for annual tax returns (generally April 15). This date change was mandated ...
How Do I File the FBAR? The Report of Foreign Bank and Financial Accounts (114) must be filed electronically using the BSA E-Filing System. Individuals can satisfy their filing obligation by using the no registration option within the E-Filing System.
A report may need to be filed if you have certain financial assets overseas, over a certain amount to Foreign Bank & Financial Accounts (FBAR).