2025 Filing Year — April 15 Deadline

FBAR & FinCEN 114
Filing Simplified

U.S. persons with foreign financial accounts exceeding $10,000 must file annually. Missing the deadline carries penalties up to $10,000 per violation — or worse. We help you file correctly, on time, every time.

📋 Start My FBAR Filing 📖 Learn the Rules

What You Need to Know

What Is the FBAR (FinCEN Form 114)?

The Bank Secrecy Act requires U.S. persons to electronically file with FinCEN — not the IRS — using the BSA E-Filing System. Here is what you must know.

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Who Must File

Any U.S. person (citizen, resident alien, domestic entity) who has a financial interest in, or signature authority over, one or more foreign financial accounts with an aggregate value exceeding $10,000 at any point during the calendar year.

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What Accounts Qualify

Foreign bank accounts, securities accounts, mutual funds, commodity futures accounts, and any other financial account held at a foreign financial institution. This includes accounts you only have signature authority over.

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Filing Deadlines

The FBAR is due April 15 for the prior calendar year. FinCEN grants an automatic extension to October 15 — no extension request is required. Late-filing relief may be available for first-time filers.

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Non-Willful Penalties

Up to $10,000 per violation per year. Courts have disagreed on whether this is per account or per form — the Supreme Court ruled in 2023 it is per form for non-willful violations.

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Willful Penalties

The greater of $100,000 or 50% of the account balance per violation. Willful violations can also trigger criminal prosecution, including fines and imprisonment.

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Voluntary Disclosure

IRS Streamlined Filing Compliance Procedures allow eligible U.S. taxpayers to come into compliance with reduced penalty exposure — before the IRS contacts you.

⚠️ Penalty Warning — Recent Enforcement Trends

The IRS Criminal Investigation Division and DOJ have significantly increased FBAR enforcement actions. Accounts in Switzerland, the Cayman Islands, Panama, and other financial centers are under heightened scrutiny. The time to come into compliance is before you receive an IRS notice.

💡 FBAR vs. Form 8938 (FATCA) — Both May Apply

FBAR (FinCEN 114) and IRS Form 8938 (FATCA) are separate requirements with different thresholds and filing locations. Filing one does not satisfy the other. We review both requirements for every client.

Our Process

From Discovery to Filed — How We Work

Step 1

Initial Consultation

We review your foreign account history, identify all reportable accounts, and assess any compliance gaps or prior-year exposure.

Step 2

Document Gathering

We provide a tailored checklist covering account statements, maximum balance dates, and foreign institution details.

Step 3

FBAR Preparation

Our team prepares your FinCEN 114 using the BSA E-Filing System, with a full review before submission.

Step 4

Electronic Filing & Confirmation

We file on your behalf and provide the BSA confirmation with the official record ID. Your file is retained for six years per IRS guidance.

Why Choose Tax Professionals LLC?

We are a registered business entity with a verified D-U-N-S® Number, serving clients in Fresno and throughout California.

✅ Specialized in international tax compliance
✅ Expertise in Streamlined Filing Procedures
✅ Prior-year FBAR amendments handled
✅ FBAR + Form 8938 dual compliance
✅ Confidential, secure document handling

Business Credentials

Tax Professionals LLC
2224 Norris Dr E, Fresno, CA 93703
D-U-N-S® Number: 004207938

Frequently Asked Questions

FBAR Common Questions

Do I need to file an FBAR if my foreign account had $0 at year-end but exceeded $10,000 during the year?

Yes. The $10,000 threshold is based on the aggregate maximum value of all foreign financial accounts at any point during the calendar year — not the year-end balance. If the total across all accounts hit $10,000 even briefly, you must file.

I have signature authority over my employer's foreign account. Do I file?

Generally yes, unless an exception applies. FinCEN Notice 2020-1 has provided relief for certain employees with signature authority but no financial interest. However, this is fact-specific — contact us to assess your particular situation.

What is the difference between FBAR and FATCA Form 8938?

FBAR (FinCEN 114) is filed with the Financial Crimes Enforcement Network (FinCEN) via the BSA E-Filing System. FATCA Form 8938 is filed with the IRS as part of your tax return. They have different thresholds, different covered assets, and both may apply simultaneously. Filing one does NOT satisfy the other.

Can I fix prior-year missed FBARs without massive penalties?

Yes. The IRS Streamlined Filing Compliance Procedures (both domestic and foreign offshore) allow qualifying taxpayers to file amended or delinquent FBARs with significantly reduced or zero penalties, provided the failure was non-willful. Acting before IRS contact is essential.

Where do I actually file the FBAR?

The FBAR must be filed electronically through FinCEN's BSA E-Filing System at bsaefiling.fincen.treas.gov. It is NOT filed with your tax return or sent to the IRS. We handle this electronic filing on your behalf.

FBAR & FinCEN 114Filing Simplified