If the combined value of your foreign bank and financial accounts exceeded $10,000 at any point during the year, U.S. law requires you to file an FBAR (FinCEN Form 114). It isn't a tax — it's a report — but missing it carries some of the harshest penalties in the entire tax code. We prepare and e-file FBARs correctly, on time, every year.
You must file if you're a U.S. person (citizen, green card holder, or tax resident) and the total of ALL your foreign accounts — checking, savings, brokerage, pension, even accounts you only have signature authority over — exceeded $10,000 combined at any single moment in the calendar year. Ten thousand total across accounts, not per account. The account doesn't need to earn income; the balance alone triggers the requirement.
Non-willful violations can draw penalties of over $10,000 per year. Willful violations can reach the greater of $100,000 or 50% of the account balance — per year. The good news: the IRS offers compliance paths for people who simply didn't know, and used correctly they typically eliminate penalties entirely. The critical part is coming forward before the IRS finds you, not after.
When is the FBAR due?
April 15, with an automatic extension to October 15 — no extension request needed. It's filed separately from your tax return, through FinCEN's system, not the IRS.
I didn't know about the FBAR and haven't filed for years. What now?
Don't file the missing years blindly — the right path depends on whether tax was underreported too. We assess your situation and use the correct IRS procedure (often penalty-free for non-willful cases). This is exactly what our international tax practice does daily.
Do foreign pensions or crypto exchanges count?
Foreign pension and retirement accounts generally do count. Foreign crypto exchange accounts are a gray area FinCEN has signaled it intends to cover — we'll advise based on current rules for your filing year.
A short consultation tells you exactly what you owe the government — which is usually just paperwork, not money.
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