The Bank Secrecy Act (BSA) mandates U.S. individuals to file FBARs under the following circ*mstances:
An individual has a financial interest in, signature authority or other authority over one or multiple accounts (bank accounts, mutual funds or other financial accounts located outside of the United States) and
The total value of all foreign financial accounts is greater than $10,000 at any point during the calendar year.
Given these requirements, U.S. individuals or entities with foreign accounts, no matter the size, are recommended to see if they qualify for FBAR filing requirements to avoid possible penalties.
How to File
The FBAR must be filed electronically with FinCEN, not on a federal income tax return. It can only be accessed and submitted through the BSA E-Filing System. Anyone unable to e-file their FBAR within the United States must contact FinCEN by phone at 800-949-2732 (703-905-3975 if calling from outside the United States) or by email at FRC@fincen.gov.
File Today to Avoid Penalties
Anyone who fails to file their FBAR when required could fall victim to substantial civil and criminal penalties that could result in a fine and/or prison time. If you need assistance filing your FBAR before the deadline, Doeren Mayhew’s international tax advisors stand ready to help. Contact us today to get started.
All FBARs must be filed electronically on the Financial Crimes Enforcement Network (FinCEN) website. If you failed to file an FBAR by the deadline, you can still submit the form and select a reason for the late filing, while also providing a statement explaining why the form is being filed after the deadline.
The FBAR is an annual report, due April 15 following the calendar year reported. You're allowed an automatic extension to October 15 if you fail to meet the FBAR annual due date of April 15.
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) today issued a notice extending the filing date for the “Report of Foreign Bank and Financial Accounts (FBAR)” for certain U.S. individuals who have only signature or other authority over certain foreign financial accounts to April 15, 2025.
The IRS has the authority to issue penalties upwards of 50% of the maximum value per year (up to 100% value of missed account reporting within the compliance period) when a Taxpayer is determined to have acted 'willfully.
Address: Suite 237 56046 Walsh Coves, West Enid, VT 46557
Phone: +59115435987187
Job: Education Supervisor
Hobby: Genealogy, Stone skipping, Skydiving, Nordic skating, Couponing, Coloring, Gardening
Introduction: My name is Ms. Lucile Johns, I am a successful, friendly, friendly, homely, adventurous, handsome, delightful person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.