Foreign Bank Account Report (FBAR) Requirements

The IRS requires that anyone having a foreign bank or investment account overseas file Form TD F 90-22.1 with the IRS if either of two situations is true.  

1. Someone has foreign bank account or investment account and the balance of the account exceeds $10,000 at any time.
2. Someone is an account signer on any foreign organization bank account that balance ever exceeds $10,000 at any time.  (Examples include being a signer for something like your local church bank account, being a signer for local non-profits, and other things .

What do I need to do?

• If neither of the above two situations apply to you, then you don’t need to do anything. (Reliant expects that most of our international staff will be in this category).
• However, if you own or sign for an account that ever exceeds $10,000, then you will need to File Form TD F 90-22.1 with the IRS.
  • June 30 is the deadline for filing your Form TD F 90-22.1 with the IRS for the previous tax year.  
  • The Form must be filed every year.

How do I file an FBAR?

Follow the instructions and use the form on the IRS website (https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar)

Effective July 1, 2013 – Electronic filing of FBARs is mandatory

E-filing is a quick and secure way for individuals to file FBARs. Filers will receive an acknowledgement of each submission. Help with electronic filing technical questions is available at BSAEfilinghelp@fincen.gov or through the BSA E-Filing Help Desk at 866-346-9478.

Who Must File an FBAR (according to IRS regulations)?

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.