The trigger
US citizens, green-card holders, residents and US entities whose foreign accounts — bank, brokerage, many pensions and e-money — together topped $10,000 at any moment. Peak balance, not year-end. Signature authority over someone else's account can count too.
How it's filed
Electronically with FinCEN (BSA e-filing), separate from your tax return. Due April 15 with an automatic extension to October 15 — no request needed.
Penalties and catch-up
Non-willful violations reach five figures per violation; willful ones can hit half the account balance. Streamlined and delinquent-filing programs make voluntary catch-up far cheaper than waiting for a letter.
Go deeper
Related reading
Need this handled, not just defined?
Our CPA & EA team deals with FBAR (FinCEN 114) for clients every week — flat fees, fast answers.