FBAR filing requirements can apply to U.S. persons with financial accounts outside the United States. The FBAR is filed with FinCEN and is separate from the federal income tax return.
Who Generally Must File an FBAR?
A U.S. person generally must consider filing when the aggregate maximum value of reportable foreign financial accounts exceeds the applicable threshold during the calendar year.
Is the FBAR Filed With the Income Tax Return?
No. FinCEN Form 114 is filed electronically with FinCEN. It is not attached to Form 1040.
Does the Threshold Apply to Each Account Separately?
No. The FBAR filing test generally uses the aggregate maximum value of reportable foreign financial accounts. Several smaller accounts can therefore create a filing requirement when considered together.
Does the Fixed Fee Cover Late FBARs?
No. CPA of Denver’s listed fixed fee covers a timely, straightforward FBAR filing within the stated service scope. Delinquent FBARs, reasonable-cause submissions and more complex foreign reporting require separate review.
Does Filing an FBAR Satisfy All Foreign Reporting Requirements?
Not necessarily. Other federal income-tax forms may apply depending on the taxpayer’s foreign assets, ownership interests and income. The FBAR is a separate reporting regime.
See How the FBAR Aggregate Threshold Works for additional explanation.