FBAR

⚠️ NOTICE: The deadline to file the Report of Foreign Bank and Financial Accounts (FBAR) to FinCEN coincides with the current IRS tax season filing deadline for annual tax returns. Failure to file may be subject to a civil penalty up to $10,000 per violation.

Foreign Bank & Financial Accounts E-Filing

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While typical processing times may range from 3-6 hours through FinCEN, this service is designed to reduce this to just 14 minutes for your convenience— no need to wait.
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About FBAR

What is the FBAR Ownership Information Report (FBAR)?

The FBAR is a mandatory filing requirement under the Bank Secrecy Act (BSA) for U.S. persons with foreign financial accounts exceeding $10,000 in aggregate value at any time during the calendar year. This report enhances financial transparency and helps combat financial crimes, such as tax evasion and money laundering.

Key Points About the FBAR:

  • Mandated by: Financial Crimes Enforcement Network (FinCEN)
  • Applies to: U.S. persons (including individuals, businesses, trusts, and estates) with foreign financial accounts
  • Filing deadline: April 15
  • Penalties: Civil penalties of up to $10,000 per non-willful violation and severe fines or imprisonment for willful violations
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Need to file a FBAR?

Stay compliant with the Bank Secrecy Act (BSA) by filing your FBAR accurately and on time to avoid penalties.

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FBAR Information

What Information is Reported?

Individuals and entities required to file an FBAR must report details about their foreign financial accounts, including:

  • Full legal name
  • Date of birth
  • Current residential or business address
  • Unique identifying number (e.g., passport or driver's license number)
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Why FBAR?

Why is the FBAR Important?

The FBAR plays a critical role in promoting financial transparency and compliance by:

  • Combating money laundering and financial crimes
  • Ensuring accountability for individuals and entities with foreign accounts
  • Providing valuable information to law enforcement for investigations
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Process

Follow 3 Step Filing Process

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Company Information

Provide basic details on the reporting company including physical address, tax identification number, such as the EIN and location of formation.

FBAR Ownership

Provide the Fbar Ownership information of the reporting company. Information gathered will be residential address, birthdate and proof of identification.
Compliance and Filing
Verify and acknowledge the details of the filing process, review timelines, and the importance of providing accurate information before submitting for filing.
Common Questions

Frequently Asked Questions

Who Must File an 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 FBAR must be received by the Department of the Treasury on or before April 15th reported. The April 15th filing date may not be extended.

Report of Foreign Bank and Financial Accounts, is used to report a financial interest in or signature authority over a foreign financial account.
If you file an extension on your tax return, the deadline for the FBAR is automatically extended as well. There is currently no separate extension that needs to be filed for the FBAR specifically.
A person who is required to file an FBAR and fails to properly file may be subject to a civil penalty not to exceed $10,000 per violation. If there is reasonable cause for the failure and the balance in the account is properly reported. no penalty will be imposed. A person who willfully fails to report an account or account identifying information may be subject to a civil monetary penalty equal to the greater of $100,000 or 50 percent of the balance in the account at the time of the violation. See 31 U.S.C. section Willful violations may also be subject to criminal penalties under 31 US.C. section 5322(a). 31 U.S.C. section 53220)). or 18 U.S.C. section 1001.
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