Report of Foreign Bank and Financial Accounts (FBAR) from Senior Stakeholder Liaison Alan Gregerson

The IRS wants you to have the information you need when you need it.

The following IRS Resources – FBAR document contains information about the Report of Foreign Bank and Financial Accounts (FBAR).

Information relating to this topic will provide guidance and updates for you and your clients:

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly.

Those required to report their foreign accounts should file the FBAR electronically using the BSA E-Filing System. The FBAR is due April 15. If April 15 falls on a Saturday, Sunday or legal holiday, the FBAR is due the next business day. This means that the 2017 FBAR is due April 17, 2018. The FBAR filers that don’t meet the April due date are given an automatic extension to October 15. A specific request for this extension is not required.

Report of Foreign Bank and Financial Accounts (FBAR)

(Please click each heading for more information)

Those required to report their foreign accounts should file the FinCEN Form 114, Report of Foreign Bank and Financial Accounts electronically using the BSA E-Filing System. The FBAR is due April 15. If April 15 falls on a Saturday, Sunday or legal holiday, the FBAR is due the next business day. The FBAR filers that don’t meet the April due date are given an automatic extension to October 15.

Report of Foreign Bank and Financial Accounts (FBAR)

IRS.gov webpage with current FBAR guidance.

BSA E-Filing System

Those required to report their foreign accounts should file FinCEN Form 114, Report of Foreign Bank and Financial Accounts electronically using the BSA E-Filing System.

Comparison of Form 8938 and FBAR Requirements

Individuals and domestic entities must check the requirements and relevant reporting thresholds of each form and determine if they should file Form 8938, Statement of Foreign Financial Assets or FinCEN Form 114, Report of Foreign Bank and Financial Accounts or both.

IRS FBAR Reference Guide (pdf)

This IRS Guide is provided to educate and assist U.S. persons who have the obligation to file the FBAR; and for the tax professionals who prepare and electronically file FBAR reports on behalf of their clients.

Archived Webinar: Reporting of Foreign Bank and Financial Accounts on the Electronic FBAR

This IRS Video Portal archived webinar features information on how to properly report foreign financial accounts on the Report of Foreign Bank and Financial Accounts.

Publication 4261, Do You Have a Foreign Financial Account? (pdf)

Brief overview on foreign financial account reporting requirements.

SL Contact: Alan Gregerson

Phone:763-347-7352 Email:Alan.J.Gregerson@irs.gov

Issue Management Resolution System (IMRS): IMRS is an internal IRS system that captures, develops and responds to significant national and local stakeholder issues. For additional information, see link to IMRS. Tax professionals should forward significant issues regarding IRS policies, practices and issues to their Stakeholder Liaison Local Contacts. You may prefer to share ideas for reducing taxpayer burden directly with the Taxpayer Burden Reduction (TBR) Program using Form 13285A, Reducing Tax Burden on America’s Taxpayers.

The following are FBAR resources on IRS.gov:

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Thank you and I appreciate your partnership.

Alan Gregerson, Internal Revenue Service Senior Stakeholder Liaison

Phone:763-347-7352 Email:Alan.J.Gregerson@irs.gov