FBAR Filing Services for US Expats & Cross-Border Professionals
Foreign bank accounts over $10,000 must be reported annually. Our IRS Enrolled Agents handle your FinCEN Form 114 filing — and help you catch up on missed years without penalties.
2026 FBAR Deadline: April 15, 2026 (automatic extension to October 15, 2026). Filed separately from your tax return with FinCEN.
What Is the FBAR (FinCEN Form 114)?
The FBAR — formally known as the Report of Foreign Bank and Financial Accounts — is a disclosure form filed with the Financial Crimes Enforcement Network (FinCEN), not the IRS. It exists under the authority of the Bank Secrecy Act of 1970, which was enacted to detect and prevent money laundering.
If you are a US person and the aggregate value of all your foreign financial accounts exceeds $10,000 at any point during the calendar year, you are required to file FinCEN Form 114 electronically through the BSA E-Filing System. This is a critical distinction: the $10,000 threshold is not per-account — it is the combined total across every foreign account you hold or have signature authority over. If you have three accounts with balances of $4,000, $3,500, and $2,501 respectively, the aggregate of $10,001 means you must report all three accounts on the FBAR, not just the one that pushed you over the threshold.
The FBAR is an information return — it does not result in any tax being owed. Its purpose is transparency: the US government requires visibility into the foreign financial holdings of its citizens, residents, and other US persons. Despite being a non-tax form, the penalties for failing to file are among the most severe in the entire US regulatory framework.
Accounts That Must Be Reported
- Foreign bank accounts (checking, savings)
- Investment and brokerage accounts
- Mutual funds held at foreign institutions
- Life insurance policies with cash surrender value
- Foreign pension accounts (including Canadian RRSP)
- Securities and derivatives accounts
- Accounts you have signature authority over but do not own
Accounts NOT Reported on FBAR
- ✕Foreign real estate held directly (not through an account)
- ✕Foreign stock or securities held in a US-based brokerage account
- ✕Cryptocurrency held on a US-based exchange
- ✕Precious metals held in physical possession abroad
You Must File FBAR If:
- You are a US citizen, resident, or Green Card holder
- You had foreign financial accounts in 2025
- The combined maximum value exceeded $10,000 at any point during the year
- Accounts include banks, brokerages, Canadian TFSAs/RRSPs, pensions, and more
FBAR vs. Form 8938 (FATCA)
Many clients must file both. We handle both.
Who Needs to File an FBAR?
The FBAR filing requirement applies broadly to US persons — a category that extends well beyond people living within the United States.
US Persons Required to File
- US citizens — including dual citizens living abroad permanently
- Lawful permanent residents (Green Card holders), even if living outside the US
- US tax residents who meet the Substantial Presence Test
- Anyone with signature authority over a foreign account, even if they are not the account owner (e.g., corporate officers, trustees)
- US entities: corporations, partnerships, LLCs, trusts, and estates with foreign accounts
Common FBAR Triggers
- Canadian bank accounts (RBC, TD, BMO, Scotiabank, CIBC)
- Canadian registered plans: RRSP, TFSA, RESP, LIRA, RRIF
- UK bank or ISA accounts
- Indian NRE/NRO accounts or PPF accounts
- Overseas brokerage or investment accounts
- Foreign pension or retirement plans from a prior employer
- Joint accounts with a non-US spouse at a foreign bank
Special Cases to Watch
Joint accounts: If you share a foreign bank account with your non-US spouse, you must still report the full value of the account on your FBAR. Both spouses may need to file if both are US persons. Business accounts: If you are an officer or director of a company with foreign bank accounts and you have signature authority, you may have a personal FBAR obligation even if the accounts belong to the business. Trusts: US persons who are beneficiaries of, or have a financial interest in, a foreign trust with financial accounts must report those accounts on their FBAR.
FBAR Deadlines and Extensions
April 15
The FBAR is due on April 15 following the calendar year being reported. For the 2025 tax year, the deadline is April 15, 2026. This is the same date as the tax return deadline, but the FBAR is filed separately with FinCEN.
October 15 (Auto Extension)
If you miss April 15, you receive an automatic extension to October 15. No form needs to be filed to request this extension — it is granted to all FBAR filers automatically. First-time filers also receive this automatic extension.
After October 15
There is no additional extension available after October 15. If you have missed this deadline, you must use one of the IRS's voluntary disclosure or delinquent filing procedures to come into compliance. The longer you wait, the greater the risk of penalties.
FBAR Penalties: What's at Stake
FBAR penalties are among the most severe in the entire US regulatory system. Unlike most tax penalties, FBAR penalties are assessed by FinCEN — not the IRS — and they apply even when no tax is owed. Understanding the penalty structure is essential for appreciating why timely compliance matters.
| Violation Type | Potential Penalty |
|---|---|
| Non-willful FBAR violation | Up to $16,536 per violation per year |
| Willful FBAR violation | Greater of $165,353 or 50% of account balance per year |
| Criminal (willful failure to file) | Up to $250,000 and/or 5 years in prison (31 USC 5322) |
| Failure to file with Streamlined | $0 (for non-willful violations) |
Non-Willful Penalties
A non-willful violation occurs when the failure to file was due to negligence, inadvertence, or a genuine misunderstanding of the filing requirements. The maximum penalty is $16,536 per violation (2026 inflation-adjusted figure). Importantly, the Supreme Court ruled in Bittner v. United States (2023) that non-willful penalties are assessed per-report, not per-account. This means if you had 10 unreported accounts and failed to file one FBAR, the maximum non-willful penalty is $16,536 for that year — not $165,360. This landmark decision significantly reduced exposure for non-willful filers with multiple accounts.
Willful Penalties and Criminal Exposure
Willful violations — where the government can show you knew about the filing requirement and chose not to comply — carry dramatically harsher consequences. The civil penalty is the greater of $165,353 or 50% of the account balance at the time of the violation, assessed per account per year. For someone with $500,000 across foreign accounts, this could mean $250,000 in penalties for a single year. Criminal prosecution under 31 USC 5322 can result in fines up to $250,000 and up to 5 years of imprisonment. The IRS has increasingly pursued willful FBAR cases, particularly where the taxpayer had professional tax advice and still failed to file.
Penalty amounts reflect 2026 inflation adjustments. Non-willful per-report rule established in Bittner v. United States, 598 U.S. 85 (2023). Source: IRS and FinCEN guidance.
How We Handle Your FBAR Filing
From gathering account data to e-filing with FinCEN — we manage the entire process.
Free Consultation
We assess which foreign accounts require reporting and identify the best compliance path.
Gather Account Data
We guide you through collecting maximum account balance data from each qualifying account.
Prepare & Review
Our Enrolled Agents prepare your FinCEN Form 114 filings and review for accuracy.
E-File to FinCEN
We electronically submit your FBAR to the Financial Crimes Enforcement Network by the deadline.
FBAR for US-Canada Cross-Border Clients
As US-Canada cross-border tax specialists, we understand the unique FBAR complexities that affect Americans living in Canada and Canadians with US tax obligations.
Canadian Accounts That Trigger FBAR Filing
If you are a US person living in Canada — or a Canadian with US citizenship or a Green Card — virtually every financial account you hold at a Canadian institution is reportable on the FBAR. This includes everyday banking accounts at Canada's major banks: RBC, TD, BMO, Scotiabank, and CIBC, as well as accounts at credit unions, online banks, and investment firms.
Canadian Registered Accounts on FBAR
- RRSP (Registered Retirement Savings Plan) — reportable, but may qualify for US-Canada treaty deferral on your tax return
- TFSA (Tax-Free Savings Account) — fully reportable and taxable in the US (no treaty exemption)
- RESP (Registered Education Savings Plan) — reportable even if held for your children
- LIRA / RRIF / LIF — all reportable as foreign financial accounts
Key Rules for Canadian Account Reporting
- Joint accounts with a non-US Canadian spouse: you must report the full value of the account, not just your share
- The maximum account value is the highest balance during the year, not the year-end balance — check all monthly statements
- Currency conversion: use the US Treasury Department's year-end exchange rate (published annually by FinCEN) to convert CAD to USD
- Canadian mortgage offset accounts and home equity lines of credit (HELOCs) at Canadian banks are generally not reportable
Did you know? Many US-Canada cross-border clients who have lived in Canada for years discover they have 6 or more years of unfiled FBARs. If this sounds like you, the Streamlined Foreign Offshore Procedure may allow you to catch up with zero penalties.
How to Fix Missing FBARs
If you have failed to file FBARs in prior years, there are established IRS procedures to come into compliance. The right path depends on whether you live in the US or abroad, and whether tax was owed.
Streamlined Foreign Offshore
For US persons who have lived outside the US for at least 330 days in one of the last three years. Requires filing 3 years of tax returns and 6 years of FBARs with a certification statement. The penalty for this procedure is zero — no penalty at all for qualifying non-willful filers.
Penalty: $0
Streamlined Domestic Offshore
For US persons living in the United States who have non-willfully failed to report foreign accounts. Requires the same 3 years of returns and 6 years of FBARs, plus a miscellaneous offshore penalty equal to 5% of the highest aggregate balance of unreported foreign financial assets.
Penalty: 5% of highest balance
Delinquent FBAR Submission
If you have properly reported all income and paid all tax, but simply failed to file the FBAR, you may be able to submit delinquent FBARs with a reasonable cause explanation. This procedure does not involve amended returns and carries no penalty when no tax was due.
Penalty: $0 (if no tax due)
Not sure which procedure is right for your situation? Our Enrolled Agents will assess your case during a free consultation and recommend the most cost-effective path to compliance.
FBAR Filing FAQs
Harsh Agarwal, EA · IRS Enrolled Agent
Reviewed for accuracy by Zenith Financial Advisors
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