FBAR Filing

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FBAR Filing

FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, that must be filed with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the Treasury Department. FinCEN Form 114 is used to report a financial interest in or signature authority over a foreign financial account. As of tax year 2017, the due date for filing the FBAR has changed to April 15 (previously June 30th). There is now an option for taxpayers to request a six-month extension of time to file their Form FinCEN 114 until October 15th.

Condition:

A United States person 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.

Persons required to file an FBAR must retain records that contain the name in which each account is maintained, the number or other designation of the account, the name and address of the foreign financial institution that maintains the account, the type of account, and the maximum account value of each account during the reporting period.

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