Report of Foreign Bank and Financial Accounts (FBAR)
If a taxpayer has a financial interest or signature authority over a foreign financial account (including a bank account, brokerage account, mutual fund, etc.) exceeding certain thresholds, the Bank Secrecy Act may require the taxpayer to report the account annually to the Treasury Department by electronically filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Failure to report the necessary information may result in significant penalties.
This page provides members with valuable resources to comply with the rules.
Checklists, Practice Guides and Templates
- Foreign Financial Account and Asset Information Request: Provide this organizer to your clients to obtain the necessary information to complete Form 114.
- Offshore Voluntary Disclosure Program to end in September 2018, The Tax Adviser, March 2018
- Transnational tax information reporting: A guide for the perplexed, The Tax Adviser, March 2018
- FinCEN announces filing deadline for 2017 FBARs, The Tax Adviser, Feb. 2018
- Developing a strategy to fight FBAR penalties, The Tax Adviser, May 2017
- An update on foreign financial account reporting, The Tax Adviser, Dec. 2016
- Ethics and risk issues in FBAR preparation, The Tax Adviser, Nov. 2016
- Frequently Asked Questions (FAQs) on FBAR E-Filing System: Answers common questions practitioners are asking about e-filing Form 114.
- Report of Foreign Bank and Financial Accounts (FBAR): IRS guidance page containing information on compliance requirements, including relevant notices that practitioners should be aware of.
- Financial Crimes Enforcement Network (FinCEN): FinCEN page that provides information on how/when to file Form 114 as well as links to forms and other relevant guidance.
- BSA E-Filing System: System supports electronic filing of Bank Secrecy Act forms through a FinCEN secure network. Use this system to file Forms 114.
- Comparison of Form 8938 and FBAR Requirements: IRS guidance page that contains a valuable comparison chart to help taxpayers and practitioners understand the differences between Form 114 (FBAR) and Form 8938, Statement of Specified Foreign Financial Assets.
- IRS Offshore Voluntary Disclosure Program (OVDP): IRS guidance page that discusses the OVDP (what it is, how to apply, benefits of using the program, etc.).
Reviewed April 1, 2018