Last April 15, you would have reported your foreign accounts to the U.S. government, alongside your tax returns. This applies to you, whether you are based in the US or are a US expat, if you hold financial interest or authority over foreign accounts exceeding $10,000 in total at any point in the year.
Any account held outside the US, including foreign branches of US banks, counts as a foreign account. Foreign Bank Account Report (FBAR) is filed separately using the BSA E-Filing System (FinCEN Form 114), not with your IRS tax return.
But what if you missed submitting your foreign accounts? Like IRS returns, did you also need to request an extension? Good news: you don’t.
If you were not able to report your foreign accounts last April 15, you are already granted an automatic 6-month extension—up to October 15. But be sure to file as soon as possible to avoid potential penalties and keep your account records for at least 5 years.
What else do you need to know? FBAR is separate from IRS Form 8938 (FATCA) and Schedule B, which may also require reporting foreign financial accounts.
Need help with your US tax obligations? Legend Fusions is here to assist.
Reviewed by:
Hira Asif
Hira Asif, Client Manager (US) at Legend Fusions, brings over 11 years of tax expertise, including 8 years with Ernst & Young. Her work focuses on tax advisory, compliance, and planning for individuals, partnerships, and private equity funds. With a deep knowledge of federal, state, and local tax regulations, Hira is skilled in identifying tax planning opportunities and reviewing corporate and partnership tax returns to optimize compliance and reduce exposures.