Foreign Bank and Financial Accounts Report deadline is April 15th, 2025. Failure to file by then could result in severe penalties, including up to $10,000 per violation.
FOREIGN BANK AND FINANCIAL ACCOUNTS REPORT
Foreign Bank Account Report (FBAR) Filing
File your FBAR to comply with the Bank Secrecy Act requirements. U.S. persons must report foreign financial accounts with aggregate value over $10,000 to FinCEN.
- Penalties for Non-Filing
- Civil Penalties: Up to $10,000 per violation for non-willful violations
- Criminal Penalties: Up to $250,000 in fines and imprisonment for up to five years
- FBAR E-Filing System
Our FBAR E-Filing System simplifies the process of electronically submitting Foreign Bank Account Reports (FBAR) using FinCEN Form 114. U.S. persons with foreign financial accounts exceeding $10,000 must report them annually to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, ensuring your compliance with regulatory requirements.
Non-Compliance Penalties
The Bank Secrecy Act establishes significant penalties for non-compliance with FBAR filing requirements.
- Non-Willful Violations
Penalties for non-willful violations can be up to $10,000 per violation for each year of non-compliance.
- Willful Violations
Penalties for willful violations can be the greater of $100,000 or 50% of the account balance per violation.
- Filing Deadlines
FBAR must be filed by April 15 following the calendar year being reported, with automatic extension to October 15.
- Criminal Penalties
Criminal violations of FBAR requirements can result in up to 5 years imprisonment and fines up to $250,000.
- Ensuring timely and accurate filing of your FBAR is essential to avoid these serious penalties.
Understanding FBAR Requirements
The Bank Secrecy Act requires U.S. persons to report their foreign financial accounts to FinCEN if the aggregate value exceeds $10,000 at any time during the calendar year.
- Report all foreign financial accounts including bank accounts, brokerage accounts, and mutual funds
- Provide maximum account values and financial institution information
- File electronically through the BSA E-Filing System
- Meet the annual April 15 deadline (with automatic extension to October 15)
Who Must File an FBAR?
- U.S. citizens and residents
- Entities including corporations, partnerships, LLCs, trusts, and estates
- Anyone with signature authority over foreign accounts
- Those with a financial interest in foreign accounts
Foreign Accounts Include
Reportable foreign financial accounts include:
- Bank accounts
- Securities accounts
- Mutual funds or similar pooled funds
- Insurance policies with cash value
Frequently Asked Questions
Get answers to the most common questions about FBAR filing and the Bank Secrecy Act requirements.
What is a Foreign Bank Account Report (FBAR)?
A Foreign Bank Account Report (FBAR) is a FinCEN Form 114 that must be filed by U.S. persons who have financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year.
Who is required to file an FBAR?
When must I file my FBAR?
The FBAR filing deadline is April 15 following the calendar year being reported. However, there’s an automatic extension to October 15 if you miss the April deadline. No specific extension request is required.
What information must be reported on an FBAR?
What are the exceptions to FBAR filing requirements?
- Need more information?
If you have additional questions or need personalized assistance with your FBAR filing, our support team is available to help. Contact us for more information.
- Important Filing Deadlines
- FBAR filing deadline is April 15
- Failure to file may result in penalties up to $10,000 per violation
Ready to File Your FBAR?
Start now to ensure your compliance with the Bank Secrecy Act foreign account reporting requirements.