Question 1

What is an FBAR?

Accepted Answer

An FBAR (FinCEN Form 114) is a report of foreign bank and financial accounts that must be filed annually by US persons who have over $10,000 in foreign financial accounts at any time during the calendar year.

Question 2

Who needs to file an FBAR?

Accepted Answer

US citizens, residents, and entities who have a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year must file an FBAR.

Question 3

What are the penalties for not filing an FBAR?

Accepted Answer

Non-willful FBAR violations can result in penalties of up to $16,117 per account. Willful violations can result in penalties up to $161,072 or 50% of the account balance at the time of the violation.

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