Introduction For U.S. taxpayers with foreign financial accounts, the term “FBAR” may sound unfamiliar, but it’s incredibly important. Officially known as FinCEN Form 114, the FBAR (Foreign Bank and Financial Accounts Report) is a required annual filing that helps ensure transparency in overseas financial assets. Whether you’re an expat, a digital nomad, or a U.S. resident with international holdings, understanding FBAR compliance is key to staying in good standing with federal reporting requirements. Let’s explore what FBAR is, who needs to file, deadlines, and how to easily stay compliant. 📌 What is the FBAR? The FBAR (FinCEN Form 114) is a report filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. It is used to disclose foreign financial accounts held by U.S. persons. You must file FBAR if: You are a U.S. citizen, resident, or entity (such as a corporation or partnership) You had a financial i...
Understanding FinCEN Form 114: What You Need to Know About FBAR Filing