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Categories: General Tax Terms

Foreign Bank Account Report (FBAR)

The Foreign Bank Account Report (FBAR) is a U.S. Department of the Treasury form that U.S. citizens, residents, and certain non-residents must file to report financial interests in or signature authority over foreign financial accounts. The requirement applies when the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

FBAR is filed electronically through the Financial Crimes Enforcement Network (FinCEN) using FinCEN Form 114. Failure to file an FBAR can result in significant penalties, both civil and criminal, depending on the nature of the violation. For example, a non-willful violation can incur a penalty of up to $10,000, while willful violations can result in penalties exceeding the greater of $100,000 or 50% of the account balance at the time of the violation.

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