Report of Foreign Bank and Financial Accounts with Financial Crimes Enforcement Network (FinCen)

The Financial Crimes Enforcement Network (FinCEN) Form 114 or also known as FBAR is used by U.S. citizens, residents, and entities to report foreign financial accounts such as bank accounts, brokerage accounts, and mutual funds, to the Treasury Department and keep certain records of those accounts.

The FinCEN Report 114 documents a taxpayer’s foreign financial accounts when the aggregate value in those accounts exceeds $10,000. 

Who Must File

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.

Generally, an account at a financial institution located outside the United States is a foreign financial account. Whether the account produced taxable income has no effect on whether the account is a foreign financial account for FBAR purposes.

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