Foreign Financial Account holders: You have until April 15^th (with an automatic October 15^th extension) to submit your 2024 Foreign Bank Accounts Report (FBAR) to the Department of Treasury.

Who needs to file the FBAR?

U.S. citizens, green card holders, and U.S. tax residents are required to file the FBAR if:

• They have financial interest in or signature authority over at least one financial account located outside the United States;
• They have financial foreign accounts with an aggregate value which exceeds $10,000 at any time during the calendar year. For example, if you have Bank account A with a value of $4,000 and Bank account B with a value of $7,000 you triggered the filing threshold.
• It is possible to not have an income tax return filing requirement but still have to file the FBAR.

If all of your foreign financial accounts are reported on a consolidated FBAR by your spouse, you are exempt from filing.

Filing Guidelines

Most foreign financial account holders opt to file the FBAR through the Financial Crimes Enforcement Network (FinCEN) BSA E-Filing System.

Need someone to file on your behalf? You must authorize the person to do so through FinCEN Report 114a, Record of Authorization to E File FBARs.

Be mindful of penalties for failing to file

Failure to file may result in significant penalties. For each negligent (non-willful) violation, you could face a civil penalty of up to $10,000. Willful violations carry even steeper penalties—the greater of $100,000 or 50% of the account balance at the time of the violation. Criminal penalties may also apply for willful violations. However, programs are available to help delinquent filers achieve compliance.

Be sure to keep records of:

• Name on the foreign financial account
• Name and address of foreign bank
• Account number
• Type of account
• Maximum value during the year in functional currency

It’s recommended to retain these records for five years from the FBAR deadline.

Need more time to file?

You do not need to file a separate request for an extension. FinCEN automatically grants an extension to October 15th for filers who miss the April 15th deadline.