Foreign Bank Account Reporting (FBAR)

Who Files an FBAR

You are required to file an FBAR if you meet the following three criteria:

  • you are a U.S. individual

    • includes U.S. citizens, residents, resident aliens, permanent residents
    • entities (i.e. corporations, partnerships, limited liability companies), estates, and laws and trusts formed or organized in the U.S. or under U.S. laws
  • you had a financial interest in or signature authority over at least one financial account located outside of the U.S.

  • the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported

You must report foreign bank accounts

  • even when the account produces no taxable income
  • by answering questions on a tax return about foreign accounts and by filing an FBAR

When to File

The FBAR

  • is a calendar year report
  • must be filed on or before April 15 of the year following the calendar year being reported
  • must be filed electronically through FinCEN’s BSA E-Filing System
  • is not filed with a federal tax return
  • extension for filing income tax return does not extend time to file FBAR

Penalties

Failure to file a complete and correct FBAR

  • Non-willful/not due to reasonable cause: civil penalty not to exceed $10,000 per violation
  • Willful violations: the greater of $100,000 or 50% of the balance in the account at the time of the violation, for each violation

Resources

Human Resources Compliance and Immigration Services is prohibited by law and University policy from providing official tax advice or assisting with your tax returns.