FBAR Filing
Current, Late & Amended FinCEN Form 114 Filings
Who Needs to Complete FBAR Filing
FBAR filing is required for U.S. persons with a financial interest in, or signature authority over, foreign bank or financial accounts exceeding certain thresholds during the calendar year. The FBAR (FinCEN Form 114) is filed electronically through the FinCEN BSA E-Filing System, separately from your federal income tax return, and is due each year even if no tax is owed on the accounts themselves.
Current-Year Filing
For taxpayers filing on time, the process itself is straightforward, but the reporting thresholds and account definitions can be easy to get wrong — particularly for joint accounts, business accounts, and accounts held indirectly through foreign entities or trusts. Getting these details right the first time helps avoid follow-up questions or corrections later.
Late or Delinquent Filing
If you missed a prior year’s filing, various delinquent filing and voluntary disclosure procedures may apply depending on whether the omission was inadvertent or willful. Handling this correctly can significantly reduce your exposure to FBAR penalties. We also assist clients working through broader voluntary disclosure options when multiple years or multiple accounts are involved, and coordinate any related foreign information returns that may also be outstanding.
Amended Filings
Sometimes a previously submitted FBAR contains errors — an omitted account, an incorrect balance, or a missed signature authority. Amended filings correct the record and can help demonstrate good-faith compliance if the IRS later reviews your filing history.
Why Work With Us
Our CT tax attorneys and CPAs coordinate FBAR filing with any related income tax and foreign information return obligations, so nothing falls through the cracks. Contact us today before submitting a late or amended FBAR on your own.
