US FBAR (US Report of Foreign Bank and Financial Accounts) for US citizens and residents
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury.
United States persons are required to file an FBAR if:
- the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
- the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
Important: The due date is now your individual tax due date, usually April 15 (moved from June 30).
Don’t risk a possible $10,000 penalty for not filing. We can help – email or call.