FinCEN Form 114: Report of Foreign Bank Accounts 2025

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Key Takeaways. U.S. citizens and residents must report foreign financial accounts on Schedule B of Form 1040, regardless of account balance, and must file FinCEN Form 114 (FBAR) if the total value exceeds $10,000 at any time during the year. Failing to comply with FBAR filing requirements can lead to severe penalties.
Since 1970, the Bank Secrecy Act (BSA) requires U.S. persons to file a FBAR if they have: Financial interest in, signature authority or other authority over one or more accounts, such as bank accounts, brokerage accounts and mutual funds, in a foreign country, and.
The Foreign Account Tax Compliance Act (FATCA) requires foreign banks to report account numbers, balances, names, addresses, and identification numbers of account holders to the IRS.
Under the Bank Secrecy Act, U.S. taxpayers must report their overseas bank accounts and financial assets, even if those assets do not generate taxable income. You must report any account with more than $10,000, or if your combined accounts have a total value greater than $10,000.
In cases where a person willfully fails to file the FBAR, the government may impose an increased maximum penalty, up to $100,000 or fifty percent of the balance in the account at the time of the violation. 31 U.S.C. 5321(a)(5)(C).
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Who Must File the FBAR? A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.
Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts.

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