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What is the FBAR and when is it due?

The FBAR (FinCEN Form 114) is a form required of U.S persons who either own or have signature authority over foreign financial accounts, such as a foreign bank account. The form is required if at any time during the year the value of your financial accounts exceeded $10,000 in total, not $10,000 per account.

The form is due June 30 of each year and there is no extension available. The form simply reports basic information on the accounts. The penalties are severe for failure to file. The penalties can range from $10,000 per account per year for an unintentional violation to 50% per account per year for an intentional violation.

If you have failed to file, you do have some options to come forward and correct the problems. The penalties can still be harsh, but not as bad.