What is FBAR filing?

[riya]

I’ve come across the term FBAR filing and want to understand what it means. Who is required to file an FBAR, what accounts need to be reported, and what are the deadlines and penalties for missing it?

 

[kuldeep]

FBAR filing is a report that is submitted to the U.S. Treasury and is called Foreign Bank Account Report (FinCEN Form 114). It is mandatory to U.S. persons who have financial interests in or signature authority over foreign accounts in the sum of more than 10,000 at any time in the course of the year.

 

[Selina]

FBAR‍‌‍‍‌‍‌‍‍‌ filing is the act of informing the U.S. government about foreign bank and financial accounts. U.S. persons are required to submit FinCEN Form 114 when the aggregate value of their foreign accounts is more than $10,000 at any time during the year, the primary purpose being to provide transparency and deter tax ‍‌‍‍‌‍‌‍‍‌evasion.

 

[Thaddeus]

FBAR filing is the process of reporting foreign bank and financial accounts to the U.S. government if their total value exceeds $10,000 at any time during the year. It’s filed annually using FinCEN Form 114 to comply with U.S. tax laws.

 

[Alexender]

FBAR filing refers to submitting FinCEN Form 114 to report foreign bank and financial accounts held outside the U.S. It’s required if the total value of foreign accounts exceeds $10,000 at any time during the year and helps prevent tax evasion.