FBAR
Business & Finance abbreviation · Tax
| Stands for | Report of Foreign Bank and Financial Accounts (FinCEN Form 114) |
|---|---|
| Categories | Business & Finance |
FBAR stands for Report of Foreign Bank and Financial Accounts (FinCEN Form 114), a tax abbreviation.
Annual report US citizens, residents and entities must file with the Treasury's Financial Crimes Enforcement Network when the combined value of their foreign financial accounts exceeds $10,000 at any time during the year. It is filed online, separately from the tax return.
Example: I have a UK current account and an ISA, so I file an FBAR every April.
Usage notes
Required under the Bank Secrecy Act of 1970. The deadline is April 15 with an automatic extension to October 15. Penalties for non-willful failures can reach thousands of dollars per year, and far more for willful ones. The FBAR overlaps with, but is separate from, Form 8938 under FATCA. Pronounced "EF-bar."
Related abbreviations
More tax abbreviations
- EA – Enrolled Agent
- EFTPS – Electronic Federal Tax Payment System
- EIN – Employer Identification Number
- EITC – Earned Income Tax Credit
- ETR – Effective tax rate
- FATCA – Foreign Account Tax Compliance Act
- FEIE – Foreign earned income exclusion
- FICA – Federal Insurance Contributions Act tax
- FIT – Federal income tax
- FTC – Foreign tax credit
- FUTA – Federal Unemployment Tax Act tax
- GST – Goods and services tax