FBAR – Foreign Bank Account Report
Every year, under the law known as the Bank Secrecy Act, you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114.
The FBAR is an annual report, due April 15 following the calendar year reported.
You’re allowed an automatic extension to October 15 if you fail to meet the FBAR annual due date of April 15. You don’t need to request an extension to file the FBAR.
You must keep records for each account you must report on an FBAR that establish:
Name on the account,
Name and address of the foreign bank,
Type of account, and
Maximum value during the year.
You may be subject to civil monetary penalties and/or criminal penalties for FBAR reporting and/or recordkeeping violations.
For more information about FBAR, please see “Comparison of Form 8938 and FBAR Requirements” on IRS website here.