What if I missed the FBAR for prior years?

The IRS has three programs for those who missed the FBAR for prior years. 1) [Delinquent FBAR Submission Procedures](https://www.irs.gov/businesses/small-businesses-self-employed/delinquent-fbar-submission-procedures) — for cases where you didn't know about the obligation to file. It lets you file the FBAR retroactively with no penalty under two conditions: the IRS has not yet started examining your situation, and you have no unpaid tax on these accounts. 2) [Streamlined Filing Compliance Procedures](https://www.irs.gov/individuals/international-taxpayers/streamlined-filing-compliance-procedures) — for non-willful violations: instead of $16,536 per violation, you pay a single penalty of 5% of the maximum balance. 3) [Voluntary Disclosure Practice](https://www.irs.gov/compliance/criminal-investigation/voluntary-disclosure-practice) — for willful violations: it provides protection from criminal prosecution, but with the full penalty. The sooner you start the process, the more options you have. Don't put it off: the IRS receives data on your foreign accounts automatically through [FATCA](https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca) from foreign banks.

Does cryptocurrency count for the FBAR?

Yes, as of the 2024 updates, cryptocurrency on foreign exchanges (Binance, KuCoin, Bybit, etc.) is required to be included in the FBAR aggregate calculation — [FinCEN Notice 2020-2](https://www.fincen.gov/sites/default/files/shared/Notice_2020-2.pdf). US-based exchanges (Coinbase, Kraken US, Gemini) are NOT counted as foreign for the FBAR. Also, for high crypto balances you need [Form 8938](https://www.irs.gov/forms-pubs/about-form-8938) as part of the 1040 (FATCA reporting).

What if my spouse is an NRA with foreign accounts?

If you are a US person, your signature authority over your NRA spouse's accounts may require an FBAR from you even if the money isn't yours. Also, joint accounts with your spouse are included on the FBAR for both of you. The detailed rules are complex — an individual consultation is needed.

How much does FBAR preparation cost?

Basic $100-150 for a simple FBAR with 1-3 accounts. $200-350 for multiple accounts (5+) or complex classifications. $400-700 for a delinquent FBAR covering several years (catch-up). I often include it in the overall 1040 price if we do them together (-$25 discount).

Kateryna Dzhevaga·IRS CAA · Authorized IRS e-file Provider·Federal practice (all 50 states)·EN · RU · UK

FinCEN Form 114 · 2026

FBAR — Report of Foreign Accounts in the US

Filing FinCEN Form 114 for US persons with an aggregate balance of foreign accounts >$10,000 on any day of the year. Deadline April 15, 2026, with an automatic extension to October 15. Penalties for missing it: $16,536 non-willful, $165,353+ willful (2024 IRS-adjusted).

File an FBAR

What FBAR Is and Who Must File in 2026

The FBAR (Report of Foreign Bank and Financial Accounts), officially FinCEN Form 114, is a mandatory report for all US persons who had foreign bank or financial accounts with a combined balance of more than $10,000 on any day of the calendar year. It is filed separately from the 1040 tax return, with FinCEN (the Financial Crimes Enforcement Network), not the IRS. Who is required to file: \u2022 US citizens — living anywhere in the world \u2022 Green Card holders (lawful permanent residents) \u2022 Immigrants who have met the substantial presence test \u2022 Tax residents under dual-status rules \u2022 US-registered LLCs, Corps, Trusts, and Estates with foreign accounts Which accounts count as "foreign": \u2022 Bank accounts (checking, savings, term deposits) \u2022 Brokerage / investment accounts \u2022 Mutual funds on foreign platforms \u2022 Certain insurance policies with cash value (whole life, universal) \u2022 Cryptocurrency on foreign exchanges — Binance, KuCoin, Bybit, OKX (required starting with the FBAR for 2024) \u2022 Certain foreign retirement accounts (depends on the structure) \u2022 Signature authority — if you have signing authority over someone else's account Key point: the $10K threshold is the AGGREGATE (combined) balance across all foreign accounts, not each one separately. If you have \u20ac5K in one account + \u20ac3K in another \u2248 $8-9K depending on the EUR/USD rate — no FBAR is needed. If \u20ac5K + \u20ac4K + $2K \u2248 $13K — an FBAR is required. 2026 deadlines: \u2022 April 15, 2026 — the main deadline to file the FBAR for 2025 \u2022 October 15, 2026 — automatic extension (no request needed; the extension is granted automatically under FinCEN notice 2016-1) Filing is done through the BSA E-Filing System (FinCEN) (electronic only; paper forms are not accepted). Penalties for missing it (2024 IRS inflation-adjusted, rising every year): \u2022 Non-willful violation: $16,536 per violation per year (see IRS Revenue Procedure 2024-40) \u2022 Willful violation: the greater of $165,353 OR 50% of the account balance (basis — 31 USC \u00a75321(a)(5)) \u2022 Criminal prosecution is possible for willful evasion — up to a $500K fine + 5-10 years in prison The official text of the regulation — 31 CFR 1010.350 (Reports of foreign financial accounts). The IRS actively checks — thanks to FATCA, foreign banks automatically report accounts of US persons. If you have an account in Cyprus, Georgia, the UAE, or Turkey — the IRS most likely already knows.

How I Prepare an FBAR

Electronic filing through FinCEN BSA E-Filing.

Inventory of foreign accounts

We compile a list of all your foreign accounts with the maximum balance for the year. For each one we need: bank name, address, account number, type, and maximum value in USD (converted at the Treasury Reporting Rate as of December 31).

Form preparation

I prepare FinCEN Form 114 with the correct classification of each account (Part II for bank accounts you own, Part III for signature authority over someone else's account, Part IV for consolidated reports). I record the currency, country, type, and financial institution.

Filing with FinCEN

Electronic filing through the BSA E-Filing System. It is not submitted together with the 1040 — it's a separate filing. You receive a confirmation (BSA acknowledgement) usually within 24 hours.

Documenting for the record

I keep a copy of the filed FBAR and the BSA acknowledgement in an encrypted client file. Under IRS rules, you must retain it for 5 years from the filing date in case of an audit.

Filing a 1040?

The FBAR is filed alongside the federal 1040 — they are usually done together →

FAQ — FBAR

Key questions about the foreign accounts report

The main deadline is April 15, 2026. The automatic extension runs to October 15, 2026, and you don't need to file any request for it. You can simply file later with no late-filing penalty. But if you missed both deadlines — that's now penalty territory: $16,536 per violation per year (non-willful, 2024 IRS adjusted), and the amount keeps rising with inflation. Not sure whether you need to file? Take our free calculator in 2 minutes.

Need to file an FBAR?

Schedule a consultation — we'll assess your situation and file the FBAR for this year and prior years if needed.

Schedule an FBAR