FBAR, also known as the FinCEN Form 114 is the tax form to report foreign bank and other financial accounts. Every taxpayer who has more than $10,000 in accounts must complete the FBAR form to report these.
Unlike other forms that report income paid, FBAR can only be filed electronically through the BSA e-filing system under the Department of Treasury. You can file the FBAR form the same day, submit it to the US Department of Treasury. and print out a paper copy to keep for your own records.
FBAR form can be filed in one session or in multiple sessions. If you don’t know what you’re going to enter on the FBAR form, simply save it and complete the rest when you can. To start filling out the FBAR form online, you need to register for the BSA e-filing system.
If you’re someone that’s filing the FBAR form for someone else, you must register as such. This includes attorneys, certified public accountants, and enrolled agents.
Go to BSA e-filing login page.
After the FBAR form is complete through the BSA e-filing system, you can print out a paper copy of the form filed and keep it for your own financial records. Along with the FBAR form, you are most likely to be required to fill out Form 8938. FBAR form is quite simple but the same cannot be said for the 8938. You can get the instructions to file Form 8938.
These are required for all people that want to file their federal income tax returns as foreign income also needs to be reported. Whether you’re an individual, estate, or trust, both FBAR and the 8938 needs to be filed to report foreign income and loss.