FBAR — what it is and who must file
If you have foreign accounts with a combined balance over $10,000 — you must file an FBAR. We explain who, when, and how.
What is FBAR?
FBAR (Foreign Bank Account Report) is an annual report of foreign financial accounts filed through FinCEN (Financial Crimes Enforcement Network), not the IRS.
The official form name is FinCEN 114.
Who must file an FBAR?
You must file an FBAR if:
- You are a US citizen, resident, or Green Card holder
- You have financial accounts outside the US (bank, brokerage, retirement)
- The combined balance of all foreign accounts exceeded $10,000 on any day of the year
Important: $10,000 is the aggregate threshold across all accounts, not per account.
Filing deadline
- April 15 — main deadline
- October 15 — automatic extension (no application needed)
What happens if you don't file?
Penalties for non-willful violations — up to $16,536 per year (per report, not per account). For willful violations — the greater of $165,353 or 50% of the account balance. These are FinCEN's inflation-adjusted caps for penalties assessed on or after January 17, 2025.
The IRS actively gathers information about foreign accounts through FATCA — banks worldwide are required to report accounts held by US residents.
How do you file an FBAR?
FBAR is filed online through BSA E-Filing: bsaefiling.fincen.treas.gov
You need to provide:
- Bank name and country
- Account number
- Maximum balance during the year
Takeaway
If you have accounts in Ukrainian, Russian, or any other foreign banks — you most likely must file an FBAR. It's not scary, but timeliness matters.
Questions? Book a consultation and we'll go over your situation.
