Don’t Miss the October 15 FBAR Deadline: What Expats Need to Know

If you’re a U.S. expat with foreign bank accounts totaling more than $10,000 at any point during the year, the Foreign Bank Account Report (FBAR) is a requirement you can’t afford to ignore. The extended deadline to file for most is October 15, making this month the final opportunity to stay compliant and avoid harsh penalties.

What is FBAR?
FBAR (Form FinCEN 114) is not filed with your regular tax return. Instead, it’s submitted to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). It covers bank accounts, brokerage accounts, mutual funds, and even certain pensions held outside the U.S.

Who needs to file?
If the aggregate value of all your foreign financial accounts exceeded $10,000 USD at any point in the calendar year, you must file even if the balance dipped below later.

What happens if you don’t file?
FBAR penalties are steep. Non-willful violations can cost up to $10,000 per violation, while willful violations can result in penalties of up to $100,000 or 50% of the account balance, whichever is greater.

Need help?
Expatriate Tax Returns specializes in helping U.S. citizens abroad stay compliant without stress. Reach out before the deadline passes!