FBAR Foreign Account Reporting — Miss It and Face a $10,000 Penalty

What is FBAR?

FBAR (Foreign Bank Account Report) is a mandatory filing requirement for U.S. taxpayers who hold financial accounts outside the United States, reported to FinCEN.

Who Must File?

If the aggregate balance of all foreign accounts exceeded $10,000 on any single day during the calendar year, you are required to file.

Filing Deadline

The standard deadline is April 15, with an automatic extension to October 15.

Penalties for Non-Compliance

• Non-willful violation: Up to $10,000 per account
• Willful violation: Greater of 50% of account balance or $100,000
• Criminal prosecution possible

Korean bank accounts, brokerage accounts, and pension accounts may all be reportable. File safely with TPT Tax Law Firm.