FBAR News For US Expats

What is an FBAR?

FBAR stands for ‘Foreign Bank Account Report’, a reporting requirement for Americans who have a total of over $10,000 in foreign financial accounts at any time during a year.

FBAR News

Foreign financial accounts include most kinds of bank and investment accounts. Americans who qualify have to report their accounts by filing FinCEN Form 114 online. Find out more here.

FinCEN Form 114: How to File the FBAR

FinCEN Form 114 FBAR

Moving overseas is a major life goal for many Americans. According to a Gallup poll, over 16% of Americans would like to move out of the US in the future. Further, that number is increasing year over year as Americans embrace location-independent work post-COVID.  Whether it’s to retire early or escape the current political climate, […]

Understanding FBAR Penalties

fbar penalties

Becoming an expat can enhance your life in many ways. For many, it may mean you’re no longer beholden to a standard 9 to 5 schedule, and instead free to explore different cities and countries, on your schedule. But, while working remotely offers more flexibility and freedom, it also comes with some important tax reporting […]

How to File FBAR Online in 2023: A Guide for Expats

Work with a Bright!Tax US-tax filing expert to file your 2023 FBAR today

Updated February 3rd, 2023 For many Americans living abroad, learning that they have to file a US tax return is a surprise. Furthermore, the need to research head-scratching terms like “how to file FBAR” and how to file supplementary forms is often frustrating. The reason US tax season triggers headaches around the world is due […]

FBAR Filing Requirements for Americans Living Abroad

FBAR FIling Requirements

A Foreign Bank Account Report or FBAR is a filing requirement for Americans with overseas registered financial accounts. The FBAR filing requirement was introduced as part of the 1970 Bank Secrecy Act, and it was intended to reduce offshore tax evasion by resident Americans. Many Americans living abroad fall into the same net: even if their foreign […]

FBAR Penalties Explained

expat with fbar penalties

What are the possible consequences for Americans with foreign bank accounts who haven’t filed an FBAR? In this article, we take a closer look. What is it? FBAR is an acronym for the Foreign Bank Account Report. It is a reporting requirement for Americans with offshore financial accounts. It was introduced as part of the […]

IRS Announces Cryptocurrency Accounts to be Added to FBAR Reporting

Cryptocurrency Accounts to be Added to FBAR Reporting

On 31st December 2020, the IRS quietly dropped a Bitcoin bombshell as it released a statement saying that it intended to add virtual currency accounts as a reportable account under FBAR rules. The statement read: “FinCEN intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts […]

What is the FBAR Filing Deadline in 2021?

FBAR FIling Deadline 2021

The nine million Americans who live abroad are required to file US taxes, reporting their worldwide income, the same as Americans living in the US. This is because the US taxes based on US citizenship, rather than on residence. When Americans abroad file their US taxes, by filing additional forms they can claim IRS provisions […]