FBAR

Definition

FBAR (Foreign Bank Account Report) is a filing required by the Financial Crimes Enforcement Network (FinCEN) for U.S. persons who have a financial interest in or signature authority over foreign financial accounts exceeding $10,000 at any point during the year. It is filed separately from a federal tax return using FinCEN Form 114. The IRS enforces FBAR compliance and imposes significant penalties for failure to file.