Filers who missed the April 15th, 2022 deadline received an automatic extension until October 15, 2022, to file the FBAR.
Who must file an FBAR
The Bank Secrecy Act requires U.S. persons to file an FBAR if they have:
Financial interest in, signature authority or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund or other financial account in a foreign country, and
The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
Because of this threshold, the IRS encourages U.S. persons or entities with foreign accounts, even relatively small ones, to check if this filing requirement applies to them.
The FBAR must be filed electronically with the Financial Crimes Enforcement Network (FinCEN) and is only available through the BSA E-Filing System website. We can help you with this filing, call us!