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We prepare and file the Report of Foreign Bank And Financial Accounts (FBAR, Form TD F 90.22-1) for individuals and businesses who are required to file the report.

Am I required to file the FBAR?

Did you have an interest in, or signature authority over, a foreign financial account with a value over $10,000 at any time during the year?

It makes no difference if the average amount in the account during year is less than $10,000 or if all the money is withdrawn by the end of year. If the account held more than $10,000 any time during the year, the FBAR must be filed.

Additionally, if you have any foreign account that has non-monetary assets of more than $10,000, for example, the cash surrender value of a life insurance policy, you are required file an FBAR.

What is the due date of the FBAR?

The FBAR must be filed with the IRS by June 30 of each year, in this case, filed means received by the IRS, not placed in mail. The FBAR is not filed with your income tax return, but must be filed separately.

Can I get an extenison to file the FBAR?

No. There is no extension for filing the FBAR. If you did not have all the information you need to file the FBAR by June 30, you should file as complete a return as you can. When you have gathered all the additional information or new information becomes available, you can amend the return.

What are the penalties for failing to file the FBAR?

There is a maximum $10,000 penalty if your failure to file was inadvertent. if you are found guilty of willfully not filing an FBAR, the minimum fine is $100,000 or half the value of the account, whichever is greater.