Question 1

What is an FBAR and who needs to file one?

Accepted Answer

FBAR (FinCEN Form 114) is a report filed with the US Treasury for US persons who have foreign bank accounts with an aggregate value exceeding $10,000 at any time during the calendar year. This includes checking, savings, investment, and pension accounts. It applies to US citizens, residents, and green card holders living abroad.

Question 2

What is the FBAR filing deadline?

Accepted Answer

The FBAR deadline is April 15, with an automatic extension to October 15 — no extension request needed. Unlike tax returns, FBARs are filed electronically through FinCEN's BSA E-Filing System, not with the IRS. There is no fee to file. Missing the deadline without reasonable cause can result in penalties up to $10,000 per violation.

Question 3

What is the difference between FBAR and FATCA?

Accepted Answer

FBAR (FinCEN 114) is filed with the Treasury Department for aggregate foreign accounts over $10,000. FATCA (Form 8938) is filed with the IRS alongside your tax return for foreign financial assets over $200,000 (or $400,000 for joint filers) living abroad. Many expats must file both — they have different thresholds and report to different agencies.

Question 4

What are the penalties for not filing an FBAR?

Accepted Answer

Non-willful FBAR violations carry penalties up to $10,000 per account per year. Willful violations can result in penalties up to $100,000 or 50% of the account balance, whichever is greater, plus potential criminal charges. The IRS offers the Streamlined Filing Compliance Procedures for those who were unaware of the requirement — certifying non-willfulness can waive penalties.

FBAR Filing Guide

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