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 meet the $10,000 in foreign accounts threshold have to report their accounts by filing FinCEN Form 114 online.

US Expat FBAR Foreign Bank Reporting Requirements and Willfulness

US Expat FBAR Foreign Bank Reporting Requirements and Willfulness

Because the US taxes based on citizenship rather then residence, just like Americans living stateside, expatriates are still required to file a US tax return if they earn over around $10,000, or just $400 of self-employment income. Similarly, they must declare and pay US taxes on their worldwide income, although there are several exclusions that […]

FBAR FinCEN Form 114 – Everything US Expats Need to Know

FBAR FinCEN Form 114 – Everything US Expats Need to Know

What is FinCEN form 114? The 1970 Bank Secrecy Act requires all Americans, including US expats, to report their foreign financial accounts if the total combined value of their balances is more than $10,000 at any time during a year. The reporting requirement is known as a Foreign Bank Account Report, or FBAR. For many […]

FBAR Filing Date Change for 2017

FBAR Filing Date Change for 2017

Since 1970, all Americans have been obliged to report their Foreign Financial Accounts, including any they have signatory authority over, if their accounts contain an aggregate total of over $10,000 at any time during a tax year. This filing obligation is commonly known as the Foreign Bank Account Report, or just FBAR. For many years […]

FBAR – FinCEN Form 114 Explained

FBAR – FinCEN Form 114 Explained

The Foreign Bank Account Report, or FBAR, is a filing requirement for Americans with financial accounts abroad. Although it has existed since 1970, enforcement has intensified over recent years as the US has increased its focus on retrieving taxes from US citizens’ money and investments abroad. Who has to file? All American citizens and green […]

FBAR – Everything Expats Need to Know

FBAR – Everything Expats Need to Know

FBAR is an acronym for Foreign Bank Account Report. Every American who has a minimum of $10,000 in total in overseas bank or other financial accounts at any time during a tax year has to file an FBAR every year, whether they live in the States, or abroad. A little history The Bank Secrecy Act […]

FBAR Penalties Explained

FBAR Penalties Explained

With the 2015 FBAR deadline now upon us, what are the possible consequences for Americans with foreign bank accounts who haven’t filed? What is it? FBAR is an acronym for the Foreign Bank Account Report. It is meant to prevent people from avoiding taxes by hiding their wealth abroad. In practice this means declaring foreign […]

IRS Reconciles FBAR Filing Dates

IRS Reconciles FBAR Filing Dates

The Foreign Bank Account Report (known as FBAR) obliges all US citizens and green card holders with foreign bank accounts that contain a total between them of at least US$10,000 at any time throughout the tax year to file a form (114) to the IRS. At the end of last month, President Obama signed into […]

US Expats Getting It Right – FATCA and FBAR Explained

US Expats Getting It Right – FATCA and FBAR Explained

Recently the FBAR (Foreign Bank Account Report) and FATCA (Foreign Account Tax Compliance Act) filing requirements have generated quite a bit of controversy, as they pertain to the recent IRS crackdown on financial assets in overseas accounts. FATCA in particular has caused some uproar since going into effect in March 2010, as foreign financial institutions […]