FBAR – FinCen Form 114
US Global Tax helps American citizens, residents, and various businesses meet their FBAR FinCen 114 filing requirements. Continue reading to learn more about the FBAR, or contact us today for the help you need.
WHAT IS AN FBAR?
The Report of Foreign Bank and Financial Accounts, or FBAR, must be filed by any US citizen residing overseas who has a financial interest in or signature authority over any financial accounts with a combined balance that meets or exceeds $10,000 USD at any point in the calendar year.
FBAR refers more specifically to FinCen Form 114, the foreign bank account report filed electronically with the Financial Crime Enforcement Network’s BSA E-Filing System (not as part of your standard tax return). If the total sum of your foreign financial accounts exceeds USD $10,000 at any point in the tax year, you must file an FBAR by April 15, although this deadline is automatically extended to October 15