FBAR Filings

(Form 114)

Do you have a non-US bank or pension account, or other non-US financial account? If so, it's likely that you have an annual FBAR filing requirement. Failure to file on time can result in hefty penalties. We help you stay current with your FBAR filing requirement and, if needed, provide solutions to help you catch up.

Do I need to file an FBAR?

The Bank Secrecy Act (BSA) gives the Department of Treasury the authority to collect information from United States persons, including expats, who have financial interests in or signature authority over financial accounts maintained with financial institutions located outside of the United States.

The BSA requires that a FinCEN Report 114, Report of Foreign Bank and Financial Accounts (commonly referred to as FBAR reporting), be filed if the maximum values of the foreign financial accounts exceed $10,000 in the aggregate at any time during the calendar year. This means that if you have more than one financial account, you can pass the $10,000 threshold even if you do not have that amount in any one particular account. When adding your balances together, accounts such as checking, savings, pension, cash value insurance policies, and other investment accounts need to be included.

The scope of the FBAR filing requirement is quite broad. Even when an account is solely in the name of a non-U.S. spouse or relative, or in the name of a corporation, and your only connection with the account is the fact that you have the right to sign checks and withdraw from the account, you still have a requirement to file the form and include such account.

The FBAR filing due date is April 15th, but with an automatic extension for a 6-month period ending on October 15th. Taxpayers are not required to file a request form in order to receive the extension.

FBAR Filing Example - Alan the Expat

Alan, a U.S. citizen, moved abroad in 2024 and opened a checking account at a local bank. During the same year, he opened a savings account at a separate local bank. He first funded the checking account with $5,000 and then funded the savings account with $6,000, the balance of which was reduced to $4,000 by year-end.

Although Alan did not have any single account with $10,000 in value and although the aggregate account value of his two accounts did not exceed $10,000 at year-end, Alan would be required to file a 2024 FBAR, because during the 2024 year, the aggregate maximum account value of Alan’s two accounts was more than $10,000 (i.e., $11,000).

FBAR Filing Service

Expat Tax Professionals can help with filing the FBAR form (FinCEN Form 114) electronically using the BSA E-Filing System maintained by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).

Failure to timely file the FBAR can result in significant penalties, so staying current with your FBAR filing is important.

Filing your FBAR doesn’t need to be complex, but it does need to be rigorous. Our experts bring the best of all worlds together for you – deep expertise and robust online digital tools so that no matter where you are, we’re right there with you. We make filing the FBAR a straightforward and efficient process.

Contact us to get started