The What, Why and General Instructions of FBAR Filing
FBAR Filing General Instructions
FinCENReport 114, Report of Foreign Bank and Financial Accounts, is used to report a financial interest in or signature authority over a foreign financial account. The FBAR must be received by the Department of the Treasury on or before June 30th of the year immediately following the calendar year being reported. The June 30 filing date may not be extended.
Who Must File the FBAR?
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The full line item instructions are located at FBAR Line Item Instructions The IRS also has provided a FBAR Guidance page.
How Do I File the FBAR?
The Report of Foreign Bank and Financial Accounts (114) must be filed electronically using the BSA E-Filing System. Individuals can satisfy their filing obligation by using the no registration option within the E-Filing System or by utilizing a preparation service that has the ability to file the form, e.g. institutions (including attorneys, CPAs, and enrolled agents).
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Form 114 (FBAR) - $50
Individual Expat Tax Return (Gross Foreign Wages Under $100K) - $250
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