FBAR Filing Service
Professional filing of FinCEN Form 114 (FBAR) for US persons with foreign bank accounts. Avoid civil penalties reaching $10,000 per violation with accurate, timely reporting.
What Is FBAR and Why Does It Matter?
The FBAR (Foreign Bank Account Report), officially known as FinCEN Form 114, is a report that must be filed with the US Department of the Treasury by US persons who have financial interests in or signature authority over foreign financial accounts. It is not a tax return but a separate reporting requirement under the Bank Secrecy Act.
The filing threshold is $10,000 in aggregate value at any time during the calendar year. Penalties for non-compliance can be severe, including civil penalties of up to $10,000 per non-willful violation and much higher penalties for willful violations.
Willful FBAR violations can result in penalties equal to the greater of $100,000 or 50% of the account balance per violation, plus potential criminal prosecution.
Who Must File FBAR?
FBAR filing requirements apply to a broad range of individuals and entities with foreign accounts.
US Citizens Abroad
US citizens living outside the United States with foreign bank accounts exceeding $10,000.
Green Card Holders
Lawful permanent residents with financial accounts in their country of origin or other foreign nations.
US Businesses
US corporations, LLCs, and partnerships with foreign financial accounts used for international operations.
Trusts & Estates
US trusts and estates that hold foreign financial accounts or have signature authority over them.
Dual Citizens
Dual US citizens who maintain accounts in their other country of citizenship.
Account Signatories
US persons with signature authority over foreign accounts even if they have no financial interest.
How Libre Tax Service Helps With FBAR
Complete FBAR preparation and filing, from account review to submission.
Filing Requirement Assessment
We evaluate your foreign accounts, account types, and ownership structure to determine your FBAR obligations.
Accurate Form 114 Preparation
Our team prepares FinCEN Form 114 with precise account data, including maximum values and financial institution details.
Deadline Compliance
We ensure your FBAR is filed by the April 15 deadline (automatic extension to October 15) every year.
Delinquent FBAR Support
If you have unfiled FBARs from prior years, we help with streamlined filing procedures to mitigate penalties.
Our FBAR Filing Process
A simple five-step process to ensure full FBAR compliance.
Account Review
We identify all reportable foreign accounts and determine your FBAR filing requirements based on account types and balances.
Information Collection
We guide you through gathering account details including financial institution names, addresses, account numbers, and maximum balances.
Form Preparation
Our enrolled agent team prepares FinCEN Form 114 with accurate account information and ensures compliance with Treasury guidelines.
E-Filing Submission
We e-file your FBAR through the BSA E-Filing System and provide confirmation of acceptance.
Ongoing Compliance
We track your recurring filing obligations and alert you to changes in FBAR requirements and thresholds.
Common FBAR Mistakes to Avoid
- Assuming FBAR is not required if no tax is owed
- Failing to report accounts below $10,000 individually but exceeding the aggregate threshold
- Not filing FBAR for accounts in countries with strict bank secrecy laws
- Confusing FBAR with Form 8938 (FATCA) and filing only one
- Missing the April 15 deadline thinking only the tax return deadline matters
- Not filing FBAR for signature authority over business accounts
Related Services
International tax filers often need these additional services.
FBAR Filing FAQ
What is FBAR and who must file it?
FBAR (Foreign Bank Account Report), officially FinCEN Form 114, is a report required by the US Department of the Treasury. US persons with a financial interest in or signature authority over foreign financial accounts exceeding $10,000 in aggregate value at any time during the calendar year must file.
What is the deadline for filing FBAR?
The FBAR filing deadline is April 15, with an automatic extension to October 15. No extension form is needed for the FBAR extension.
What are the penalties for not filing FBAR?
Civil penalties for non-willful violations can reach $10,000 per violation. Willful violations carry penalties of the greater of $100,000 or 50% of the account balance per violation, plus possible criminal charges.
What is the difference between FBAR and FATCA?
FBAR (FinCEN Form 114) reports foreign financial accounts to the Treasury Department. FATCA (Form 8938) reports specified foreign financial assets to the IRS. Many filers must file both, but the thresholds and reporting requirements differ.
Do US citizens living abroad need to file FBAR?
Yes. US citizens and green card holders living abroad must file FBAR if their aggregate foreign account balances exceed $10,000 at any time during the year. The foreign earned income exclusion does not exempt you from FBAR filing.
Can I file a late FBAR?
Yes. The IRS has a streamlined filing procedure for late FBAR submissions. We can help determine whether you qualify for penalty relief under the streamlined procedures.
Stay Compliant with
FBAR Filing Requirements
Let our enrolled agent team ensure your foreign account reporting is accurate, complete, and on time.
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