Introduction If you're a U.S. person with financial interests or authority over foreign bank accounts, the Foreign Bank Account Report (FBAR), officially known as FinCEN Form 114, is an essential filing requirement. This guide will help you understand who needs to file, why it’s important, and how to stay compliant — without the jargon. What is FBAR? FBAR stands for Foreign Bank Account Report. It is not filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. It’s used to report a financial interest in or signature authority over one or more foreign financial accounts if their total value exceeds $10,000 at any time during the calendar year. Who Must File FBAR? You must file if: You're a U.S. citizen, resident, or legal entity You have foreign accounts with an aggregate value over $10,000 You have authority to control funds or investments in foreign accounts Important: The $10,000 thresho...
Understanding FBAR (FinCEN Form 114): What You Need to Know