Fincen Form 114
If you have foreign bank accounts with a total value exceeding $10,000 at any time during the year, you must file FinCEN Form 114 (Foreign Bank Account Report – FBAR) with the Financial Crimes Enforcement Network (FinCEN).
Fincen Form 114 should be used to report a financial interest in, signature authority, or other authority over one or more financial accounts in foreign countries, as required by the Department of the Treasury Regulations 31 CFR 1010.350 . No report is required if the aggregate value of the accounts did not exceed $10,000. See help text Instructions for definitions.
Key Facts About FBAR Filing:
- Who Must File? U.S. citizens, residents, and entities with foreign accounts exceeding $10,000.
- Deadline: April 15 (with an automatic extension to October 15).
- How to File? Electronically through the BSA E-Filing System.
- Penalties for Non-Compliance: Severe fines or criminal charges for willful violations.
💡 Why It Matters?
FBAR is a crucial compliance requirement for taxpayers with offshore accounts. Failing to file can lead to hefty penalties!