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.

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 […]

What Is FBAR?

What Is FBAR?

FBAR is the Foreign Bank Account Report. FBAR requires that if you have a foreign financial account or even signature authority over a foreign account, then you must file an FBAR Report. It is the Form TD F 90-22.1. Foreign financial accounts include bank accounts, brokerage accounts, mutual fund, trust or other types of foreign […]

IRS FBAR Voluntary Disclosure Program vs Quiet Disclosure

IRS FBAR Voluntary Disclosure Program vs Quiet Disclosure

“It remains uncertain whether the IRS would or could effectively pursue those residing outside the United States in any realistic manner.” “Could the government actually carry their burden of demonstrating that the taxpayer “willfully” violated the FBAR filing requirements?” … U.S. taxpayers residing in the United States having previously undisclosed interests in foreign financial accounts […]