FBAR (FinCEN Form 114)
FinCEN report for US persons with foreign financial accounts exceeding $10,000 aggregate.
Definition
FBAR (FinCEN Form 114, formerly TD F 90-22.1) is filed by US persons with foreign financial accounts whose aggregate balance exceeds $10,000 at any point during the calendar year. Filed electronically via FinCEN BSA E-Filing System. Due April 15 with automatic October 15 extension.
Context
Applies to US persons (citizens, residents, entities); does not apply to non-resident foreign persons.
Example
A US-citizen LLC owner with foreign bank accounts totaling $15,000 at peak files FBAR by April 15.
Common pitfalls
- Penalty for failure to file: $10,000+ per violation; willful violations up to $129,210 (2025).
- Aggregate threshold; one $10K account or ten $1K accounts both trigger.
- Streamlined procedures available for non-willful past failures.