This is just a reminder to all US citizens, resident aliens and any domestic legal entity that the deadline to file the 2020 FBAR Form 114 Report of Foreign Bank Account and Financial Account is 15 October 2021. There is no extension of time to file to FBARs.
Who needs to file?
- If you have a financial interest in, signature authority or other authority over one or more accounts, such as bank account, brokerage account, foreign pension plans or other financial accounts located outside of the US, and
- The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the year the calendar year
The 2020 FBAR must be filed electronically with the Financial Crimes Enforcement Network (FinCEN) and is only available through the BSA E-Filing website.
Failure to report a foreign bank account could result in severe penalties. If FBAR violations are found to be willful, the penalty can be greater than $100,000 or 50% of the amount in each account. Non-willful violations can carry a civil penalty of $10,000 for each year an FBAR wasn’t filed.
If you have an FBAR filing requirement and need assistance or are uncertain, feel free to contact us.