FBAR is currently called FinCEN Form 114, Report of Foreign Bank and Financial Accounts (used to be TD F 90-22.1). This form is used by US persons to report to the IRS a financial interest in or signatory authority over foreign financial accounts.  This is one of the most important forms that you will need to file in order to avoid high IRS penalties.

Starting tax year 2016, the FBAR deadline is aligned with that of US tax returns.  This means that FBAR must be received by the Department of the Treasury on or before April 15 of the year immediately following the calendar year being reported (e.g. the 2017 FBAR is due on April 17, 2018). The 2017 FBAR filers will be granted an automatic extension until October 15, 2018.

Prior to tax year 2016, the FBAR deadline was on June 30 and no extensions were possible.  It is important to remember this deadline for the purposes of applying the FBAR statute of limitations and determining the voluntary disclosure period under the OVDP and Streamlined Compliance Procedures rules.

FBAR must be filed by a US person that has a financial interest in or signatory authority over foreign financial accounts if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Note that this Form applies to accounts which are directly, indirectly and constructively owned; it further applies to situations where a US person has signatory or other authority over a foreign account.

It is important to understand that whether this Form needs to be filed often depends on the filer’s particular facts and circumstances.  This is especially true when one deals with unconventional foreign “accounts”, such precious metals accounts, foreign life insurance accounts, et cetera.

FBAR must be filed by US individuals, US business entities and US trusts.

FinCEN Form 114 (FBAR) must be electronically filed through FinCEN’s BSA E-filing System.

If you received a FATCA letter from your Foreign Financial Institution, contact Sherayzen Law Office tax attorneys immediately because timing may be of the essence in your case.

Our website contains a wealth of information regarding FBARs. All of our articles are written by highly experienced FBAR tax lawyers of Sherayzen Law Office for the purpose of providing useful general FBAR information (no legal advice is provided). You can either search website for relevant information or you can read a collection of articles below by clicking on relevant links.

If you should have been filing FBARs in prior years or your previously-filed FBARs were incorrect, it is likely that you will need to do a voluntary disclosure to bring your tax affairs in full compliance with US tax laws. Our FBAR lawyers will determine what type of voluntary disclosure option best fits your case, prepare all necessary tax forms and legal documents, and guide you through the entire voluntary disclosure process.

You should contact Sherayzen Law Office FBAR lawyers for professional analysis about whether FBAR requirement applies to you. We can also prepare and e-file this form for you.