The Foreign Bank Account Report (FBAR) is a mandatory filing requirement for U.S. taxpayers who hold more than $10,000 in foreign financial accounts at any point during the year. Although the FBAR requirement has existed since 1970, enforcement has significantly increased in recent years as the U.S. government intensifies efforts to identify and tax foreign-held income and assets.

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The FBAR—FinCEN Form 114—must be filed online and requires detailed reporting of foreign accounts, including:

• Account numbers

• Account holders

• Type of each account

• Name and address of the foreign financial institution

• Maximum account value during the tax year

 

If you have not filed an FBAR because you were unaware of the requirement, Resident Tax can help. Our team specializes in FBAR compliance, foreign asset reporting, and Streamlined Filing Procedures for taxpayers seeking to become compliant.

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With clients in over 150 countries, Resident Tax is a trusted leader in international tax services. If you have questions about your foreign accounts or overall tax situation, reach out to us—we are here to help and ready to listen.