- Free Consultations
- Real Tax Attorneys
- 40+ Years Expertise
- Competitive, Flat-Rate Pricing
- Saved Our Clients Over $128,000,000+ From IRS
- Competitive Pricing
- Real Tax Attorneys
Hi, I’m attorney Chad Silver, founder of Silver Tax Group. We’re a tax defense law firm that helps clients in the United States and around the world address IRS problems, resolve foreign bank account reporting issues, and protect their financial interests.
We don’t just fill out forms. We help clients evaluate their compliance obligations, develop appropriate disclosure strategies, and navigate the process when past filings need to be corrected.
In this article, I’ll explain how to file an FBAR online using the official Financial Crimes Enforcement Network (FinCEN) BSA E-Filing system, what information you’ll need, and what to do if you’ve missed a filing deadline.
FBAR stands for Foreign Bank Account Report. It is officially filed using FinCEN Form 114.
If you’re a U.S. person with financial interest in, or certain signature or other authority over, foreign financial accounts, you may be required to file an FBAR.
Generally, an FBAR is required when the aggregate value of your reportable foreign financial accounts exceeds $10,000 at any time during the calendar year. This threshold applies to the combined value of the accounts, not separately to each account.
Reportable accounts may include foreign bank accounts, certain securities accounts, and other qualifying financial accounts. Whether an account must be reported depends on the applicable rules and your relationship to that account.
You may have an FBAR filing obligation even if:
FBAR reporting is separate from your federal income tax return. Meeting your income tax filing obligations does not automatically satisfy your FBAR requirements.
To file your FBAR, visit the official FinCEN BSA E-Filing website:
https://bsaefiling.fincen.treas.gov/
Look for the option to file an individual FBAR, also known as FinCEN Form 114.
The system provides an online filing option for individuals. Follow the current instructions displayed on the official website to access and complete the form.
Make sure you’re using the official FinCEN website rather than an unrelated third-party service.
Before beginning, gather the information you’ll need so you can complete the filing accurately.
Preparing your account information in advance can make the filing process easier.
For each reportable foreign financial account, you may need:
You’ll also need the identifying information requested for the filer, such as your name and taxpayer identification number, when applicable.
Review all your foreign accounts, including jointly owned accounts and accounts that remained open but were inactive during the year. An account’s inactivity does not automatically remove the reporting obligation.
If you’re unsure whether a particular account is reportable, review the current FinCEN instructions or consult a professional familiar with FBAR requirements.
One of the most important parts of an FBAR filing is reporting the maximum value of each reportable account during the calendar year.
You generally should not use the average balance, the lowest balance, or an arbitrary balance from a date of your choosing.
Instead, determine the highest value the account reached during the reporting year, using the available account statements and other reliable records.
For accounts denominated in foreign currency, you generally must convert the maximum value into U.S. dollars using the applicable Treasury Reporting Rates of Exchange for the last day of the calendar year being reported. If the relevant currency is not listed, follow FinCEN’s instructions for using an appropriate, verifiable exchange rate.
Do not automatically substitute a bank’s exchange rate or a general online currency quote without checking the applicable reporting instructions.
For example, suppose a foreign savings account reached a maximum balance of €85,000 during the year. You would determine the reportable maximum value in U.S. dollars using the applicable reporting rules and exchange rate.
Keep the statements and calculations supporting your reported values. Accurate records can be particularly important if you later need to explain or correct a filing.
Once you’ve gathered your information and calculated the maximum account values, complete the online FBAR.
Review each account entry carefully. Confirm the institution’s information, account identifiers, ownership details, country, and maximum value.
Before submitting, double-check the entire form for omissions or errors. In particular, verify that you’ve considered all reportable accounts and used the correct reporting-year information.
Follow the system’s instructions to sign and submit the filing electronically.
After submission, save the confirmation information, including the BSA identification number or other confirmation details provided by the system. Keep a copy of the submitted FBAR and its supporting records for your files.
The confirmation serves as evidence of submission, but it does not guarantee that every entry is correct or that you have satisfied every separate tax reporting obligation.
FBAR filings generally cover the previous calendar year.
The standard deadline is April 15 of the following year. However, FinCEN provides an automatic extension to October 15 for individuals who miss the April deadline. A separate extension request is generally not required.
For example, an FBAR covering calendar year 2025 was generally due April 15, 2026, with an automatic extension to October 15, 2026.
If you have not filed an FBAR that was required for a prior year, do not assume that you must simply submit it without reviewing your circumstances. The appropriate approach may depend on why the filing was missed, whether the associated income was properly reported, and whether the failure was willful.
If you discover that you failed to file an FBAR in a previous year, don’t panic—but don’t ignore the issue.
Depending on the facts, potential options may include delinquent FBAR submission procedures, the IRS Streamlined Filing Compliance Procedures, or the IRS Criminal Investigation Voluntary Disclosure Practice.
These options have different eligibility requirements and are not interchangeable.
For example, the Streamlined Filing Compliance Procedures may be available to eligible taxpayers whose failures were non-willful. They generally involve specific requirements concerning tax returns, payment of applicable tax and interest, and certifications explaining the noncompliance.
Other procedures may be more appropriate in cases involving potentially willful conduct. You should not assume that a particular program applies without evaluating the facts and current IRS guidance.
Filing a late FBAR does not automatically eliminate potential penalties or guarantee that the IRS will close the matter without further action.
FBAR compliance is separate from income tax reporting, but the two can overlap.
For example, interest, dividends, and other income generated by foreign financial accounts may need to be reported on your U.S. tax return, depending on the circumstances.
Schedule B of Form 1040 includes questions concerning foreign financial accounts and related matters. If you failed to report foreign income or answered those questions incorrectly, you may need to evaluate whether your tax returns should be corrected.
However, an FBAR filing does not automatically amend your income tax returns, and filing an amended return does not automatically resolve an FBAR violation.
Review the facts for each affected year before deciding which forms or compliance procedures are necessary.
FBAR requirements can become complicated when you have multiple foreign accounts, joint ownership, signature authority, foreign investments, or missed filings from prior years.
A qualified tax attorney or other experienced tax professional can help you evaluate your reporting obligations, determine the appropriate way to correct past noncompliance, and understand potential civil or criminal exposure.
At Silver Tax Group, we help clients evaluate foreign account reporting issues and develop strategies based on their circumstances.
Our services may include reviewing prior filings, assessing potential exposure, determining whether a compliance procedure may be available, and coordinating the preparation and submission of required documents.
Every situation is different. No firm can guarantee that a particular filing strategy will eliminate penalties or prevent an investigation, but a careful review can help you understand your options and make informed decisions.
Filing an FBAR may seem straightforward, but reporting the wrong maximum balance, overlooking an account, or failing to address prior-year noncompliance can create problems.
If you have foreign financial accounts and are unsure whether you have met your obligations, consider getting professional advice before submitting a filing or attempting to correct past mistakes.
Contact Silver Tax Group today to discuss your FBAR reporting questions and explore the options that may be available to you.
Visit silvertaxgroup.com to learn more and request a consultation.
Thanks for reading. Don’t forget to like, subscribe, and check out our next video, where we’ll explain the difference between an FBAR and FATCA reporting.
What tax help do you need?
Call now or fill in the form below to get help with your tax and IRS issues today.