What Is FBAR?

FBAR (FinCEN Form 114) is a report required for U.S. persons who have foreign bank accounts with a combined balance exceeding $10,000 at any point during the year. It's filed electronically with the Financial Crimes Enforcement Network (FinCEN), not the IRS — and the deadline is April 15 (with an automatic extension to October 15). Penalties for not filing are severe: up to $10,000 per violation for non-willful failures. FBAR is separate from and in addition to any foreign account disclosures on your tax return. If you have foreign accounts, don't overlook this requirement.