What are FinCEN (Form 114) and FBAR forms?

By November 8, 2018

FBAR (Foreign Bank and Financial Accounts) refers to FinCEN (Financial Crimes Enforcement Network) Form 114, which is used to report financial accounts held outside the United States. Account types include bank and brokerage accounts, mutual funds, unit trusts, or other types of financial accounts.

According to the IRS’ website: “An FBAR must be filed for each calendar year that the person has a financial interest in, or signature authority over, foreign financial account(s) when the aggregate balance exceeds the $10,000 threshold at any time during the year. FinCEN Form 114/FBAR must be submitted electronically to the Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury.

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