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FBAR deadline

The FBAR deadline is April 15 of the following year, and FinCEN grants an FBAR automatic extension to October 15, with no request needed. A filer who misses both dates through mistake or oversight can face a civil penalty of up to $16,536, the non-willful cap for penalties assessed from January 17, 2025.

A US citizen, resident or domestic entity must report foreign financial accounts, including foreign bank or brokerage accounts, when their highest balances for the year, added together, exceed $10,000. Signing authority counts too. The report is FinCEN Form 114, the Report of Foreign Bank and Financial Accounts (FBAR). Our CPAs and enrolled agents (EAs) prepare and e-file it.

FBAR closed accounts still count for that year

You report a closed foreign account on the FBAR for the year it closed, at its highest value during that year. We still report that peak when the account closes at zero.

Treasury requires each FBAR filer to keep a record of every account's maximum value for five years. We ask clients to download the year's statements before closing an account, while they can still log in.

We handle FBAR filing for closed accounts from the final statement, or from bank letters and transfer records when a statement is gone.

FBAR account closed during year: a worked example

  1. The assumption.

    A client closes a foreign savings account in March and expects to leave it off the report.

  2. The balances.

    Illustrative figures in US dollars: savings account peak $7,200 before the March closing, brokerage account peak $4,100 in September.

  3. The rule.

    We add the two peaks to get $11,300, above $10,000, so we report both accounts on that year's FBAR.

  4. The cost of skipping it.

    A filer who leaves the closed account off files an incomplete FBAR and needs an amendment.

If you have a tax question, whatever the least appealing answer would be, that's probably the right answer.

George Dimov, CPA

How our FBAR accountants file FinCEN Form 114

  1. Statements in.

    You upload each account's statements for the year to our encrypted portal.

  2. Peak values.

    We take each account's peak and convert it at the Treasury year-end rate.

  3. Authorization.

    You sign FinCEN Form 114a so we can e-file, and we keep it on file as FinCEN instructs.

  4. Filing and receipt.

    We e-file through BSA E-Filing before the FBAR filing deadline and send its BSA Identifier.

Can I file FBAR for previous years?

Yes. For any year past its FBAR deadline, we prepare a late FBAR filing through BSA E-Filing and enter the reason for the delay on page one.

Under the IRS manual, examiners assert no penalty when the filer did not act willfully and had reasonable cause. The filer also has to report the account correctly on the late FBAR.

The IRS no longer lists a separate procedure for late FBARs among its offshore compliance options, so we write a reasonable cause statement for each late filing.

A client who also left the account income off the tax return needs more than a late FBAR. We move that case to a streamlined offshore procedures review, where we prepare amended returns and the missing FBARs together.

From FBAR deadline to late filing

One report per calendar year, filed through BSA E-Filing

  1. January 1 to December 31

    Combined peak value of foreign accounts above $10,000 on any day. Accounts closed during the year count.

    THE TEST
  2. April 15: FBAR due date

    For the calendar year just ended.

    ON TIME
  3. October 15: automatic extension ends

    No request needed.

    STILL ON TIME
  4. After October 15: late FBAR

    We pick the route from one question.

    LATE
  5. Did the income from these accounts go on the tax return?

    THE QUESTION

File late with the reason on page one

IRS examiners assert no penalty when the filer did not act willfully, had reasonable cause and reported the account correctly.

Yes income reported, tax paid

Streamlined review

Amended returns and the missing FBARs, prepared together.

No income left off the return

Missed the FBAR deadline?

Send the years in question and whatever statements you still have. A CPA reviews the missed years before anything is filed.

FBAR amendment for a report already filed

We file an FBAR amendment when an account is missing from a filed report or its maximum value is wrong. We prepare the full corrected report and mark it as an amendment.

We link the corrected report to the original BSA Identifier, so FinCEN matches the two.

FBAR preparation cost factors

  • Accounts and years.

    We price each foreign account on each year's report, late years included.

  • Form 8938.

    If you also meet the Form 8938 threshold, we prepare both and file each separately.

  • The tax return.

    When we also prepare the individual tax return, we use one set of statements.

The lightest file is one account, one year, with statements in hand. These are the factors, not a quote.

  • 10,000+

    Returns e-filed in 2024

  • 24 hrs

    Maximum email reply time

  • 365

    Days a year of client support

Source: Dimov Tax internal records.

Speedy, friendly service with a more complex return with corporate stocks and bonuses in foreign currencies.

Paul UphamGoogle review

Talk to an FBAR CPA before the next deadline

Send the account list and the years in question, and we quote a fixed fee before anything is filed.