Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement Network (FinCEN) Form 114.
Who Must File
A U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate.
A private non US citizen should file only if they have a US company bank account that holds more than $10K at any time during the calendar year.
A US citizen should file if they have a private account in a foreign bank holding more than $10K at any time during the calendar year.
How to File
You must file the FBAR electronically through FinCEN’s BSA E-Filing System. You don’t file the FBAR with your federal tax return.
Penalties
See page 8 of the Publication 5569, Report of Foreign Bank & Financial Accounts (FBAR) Reference Guide PDF.
FBAR Due Date
The official due date for the FBAR (FinCen 114) coincides with the filing of the federal tax return (April 15). An automatic extension is allowed until October 15. The form must be filed electronically and is only available online through the BSA E-Filing System website.
