Foreign Bank Account Reporting (FBAR)

Any United States Person, who has a financial interest in or signature authority or other authority over any financial accounts and if the aggregate value of these accounts exceeds $10,000 at anytime during the calendar year, such person must file an annual report of such accounts in Report of Foreign Bank and Financial Accounts also known as FBAR. There are very stiff penalties for willfully failing to file this report.

In case of Individual tax payers, FBAR is filed in Form FinCen 114 by the original due date of return i.e. April 15.