Foreign Bank and Financial Accounts Reporting – Did You Know?

Taxpayers with foreign accounts, such as bank accounts or mutual funds, generally must disclose this information on their tax returns. In most cases, U.S. individuals, trusts, estates and businesses with foreign accounts that totaled over $10,000 any time in 2021 must also file a foreign bank accounts report, or FBAR by April 15, 2022.

The official name of the FBAR form is FinCEN Form 114, Report of Foreign Bank and Financial Accounts. FinCEN stands for the Financial Crimes Enforcement Network, a separate agency from the IRS. You must submit the FBAR directly to FinCEN – you cannot file it with your tax return. The standard FBAR filing deadline is April 15, although filers typically qualify for an automatic extension to October 15.