Far North Tax Service

What is FBAR?

FBAR stands for Foreign Bank and Financial Accounts Report. It is a report that must be filed annually with the US Treasury Department if you have a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year.

Who Must File An FBAR?

A U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report a financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

When Do You Have To File An FBAR?

The FBAR is an annual report, due April 15 following the calendar year reported. You’re allowed an automatic extension until October 15if you fail to meet the FBAR annual due date of April 15. You don’t need to request an extension to file the FBAR.

What Happens If I Don’t File My FBAR?

If you don’t file your FBAR, you may be subject to penalties. For non-willful violations, the civil FBAR penalty is usually $10,000 for each year you didn’t file. For willful violations, you can be fined $100,000 or 50% of your highest account value —whichever is higher.

Who Administers The FBAR Reporting System?

The FBAR reporting process and system is administered by the Financial Crimes Enforcement Network (FiNCEN). FinCEN s is a bureau of the U.S. Department of the Treasury that safeguards the financial system from illicit use and combats money laundering and promotes national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

FinCEN carries out its mission by receiving and maintaining financial transactions data; analyzing and disseminating that data for law enforcement purposes; and building global cooperation with counterpart organizations in other countries and with international bodies.

Can Far North Taxes File My FBAR For Me?

Yes. Far North Tax Service is a registered BSA E-Filer and can file your FBAR reports for you. Please contact for the processs and pricing.