Understanding the FBAR Form: What It Is & Why It Matters

 What Is the FBAR Form? If you're a U.S. person with financial interest in or signature authority over foreign financial accounts, you may need to report them annually using the FBAR—Foreign Bank Account Report. Officially known as FinCEN Form 114, this form helps the U.S. government ensure transparency regarding assets held abroad. The FBAR is not a tax form. Instead, it’s an informational report required by the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury. 📌 Who Needs to File FBAR? You must file an FBAR if: You're a U.S. citizen, resident, corporation, partnership, or limited liability company. You have foreign financial accounts that exceeded $10,000 in aggregate at any time during the calendar year. Accounts can include bank accounts, brokerage accounts, mutual funds, trusts, or other types of foreign financial assets. 🕒 When Is the FBAR Due? The FBAR is due on April 15 each year, with an automatic extension to October 15. ...