Foreign Bank Account Report (FBAR) - FinCEN Form 114
(previously TD F 90-22.1)
The Bank Secrecy Act rules require taxpayers with financial accounts outside of the United States which total more than $10,000 in aggregate value to file an annual report known as the Report of Foreign Bank and Financial Accounts or “FBAR” – with the Financial Crimes Enforcement Network (FinCEN). Taxpayers must file these forms even if they only have signatory authority over the accounts (alone or with others) and no actual legal claim to the funds in the account(s). Failure to comply with the various offshore asset reporting requirements can result in civil penalties, criminal prosecution, and even jail time.