FBAR Filing Deadline

If you're a U.S. taxpayer with financial interests in foreign bank accounts, it's crucial to be aware of the FBAR (Report of Foreign Bank and Financial Accounts) filing deadline. The FBAR is a mandatory form that helps the U.S. government track and combat offshore tax evasion.

What is FBAR? The Foreign Bank and Financial Accounts Report (FBAR) is a crucial financial reporting requirement imposed by the United States Department of the Treasury. It is used to collect information about foreign financial accounts held by U.S. persons to combat tax evasion and financial crime.

Comparison of FBAR Filing Deadlines (2024 vs. 2023)

YearFBAR Filing Deadline
2024April 15, 2024 (with an automatic extension until October 15, 2024)
2023April 15, 2023 (with an automatic extension until October 15, 2023)

It’s essential to note that the FBAR filing deadline coincides with the individual income tax filing deadline, which is typically on April 15th. However, an automatic extension until October 15th is available.

FBAR Filing Requirements

Who Needs to File an FBAR? U.S. persons, including citizens, residents, and some entities, must file an FBAR if they have a financial interest in or signature authority over foreign financial accounts with a combined value exceeding $10,000 at any time during the calendar year.

Penalties for Non-Compliance Failure to meet the FBAR filing requirements can result in severe penalties, including civil and criminal penalties. Civil penalties can range from monetary fines to the forfeiture of assets, while criminal penalties may include imprisonment.


FBAR and FATCA (Foreign Account Tax Compliance Act) are two different reporting requirements, but they both focus on foreign financial accounts. Here’s a comparison:

Reporting FormFinCEN Form 114 (formerly known as TD F 90-22.1)Form 8938
Reporting toFinCEN (Financial Crimes Enforcement Network)IRS (Internal Revenue Service)
DeadlineApril 15th with an extension until October 15thSame as the federal income tax deadline
ThresholdLower threshold, regardless of where you liveHigher threshold, varies by residency

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