FBAR

(FinCEN 114) Filing

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FBAR (FinCEN 114) for Foreign Bank Accounts 

About Our Service

What is FBAR (FinCEN 114)?

FBAR refers to Foreign Bank Account Report, officially known as FinCEN Form 114.

 

It is an annual disclosure filed by U.S. persons who hold or control foreign financial accounts exceeding USD 10,000 at any time during the year.

 

FBAR is filed online through the FinCEN BSA E-Filing System and is separate from your income tax return. The purpose of FBAR filing is to ensure transparency in foreign bank account reporting.

 

Why is FBAR Filing Important?

FBAR filing helps the U.S. government track offshore financial assets and prevent tax evasion.

 

Failure to file FBAR can attract severe penalties, even if the income is fully taxed or exempt.

 

Timely FBAR filing protects you from non-willful penalties exceeding USD 10,000 and much higher penalties in willful cases. Filing accurately also ensures compliance with U.S. financial disclosure laws.

 

FBAR-Filing-Made-Simple

 

Who Needs to File FBAR?

You must file FBAR if you are a U.S. person and meet the reporting threshold. This includes:

  • U.S. citizens and green card holders
  • U.S. residents under tax rules
  • Partnerships, corporations, LLCs, trusts, and estates
  • Individuals with signature authority over foreign accounts

FBAR filing applies if the combined maximum value of all foreign accounts crosses USD 10,000 at any point during the calendar year.

 

Why Ebizfiling Is Trusted for FBAR Compliance?

Ebizfiling understands the complexity of foreign bank account reporting and FinCEN compliance, especially for individuals and businesses with overseas income or assets.

 

Our FBAR experts work closely with clients who also require US tax return filing, FATCA compliance, or foreign income disclosure support to ensure complete reporting accuracy.

 

We assist clients who already use our Form 1040 filing, Form 8938 (FATCA) filing, and international tax compliance services, helping them avoid mismatches between tax returns and FBAR disclosures.

 

Our team ensures your FBAR filing online is accurate, timely, and aligned with your broader compliance requirements.

 

With Ebizfiling, you receive guided support, strict data confidentiality, and end-to-end assistance that reduces penalty risk and future scrutiny.

 

Call us at 09643203209, Email us at info@ebizfiling.com

FBAR (FinCEN 114) for Foreign Bank Accounts 

Choose Your Package

ESSENTIAL

45999/-

(All Inclusive)

Advantages of FBAR Filing with Ebizfiling (Box Content)  

Penalty Protection

Accurate FBAR filing reduces exposure to heavy fines and enforcement actions.

Expert Review

Your foreign accounts are reviewed by professionals familiar with FinCEN rules.

Timely Filing

We ensure FBAR filing before April 15 or within the automatic extension period.

Error Reduction

Avoid common mistakes related to account valuation and ownership reporting.

Online Convenience

Complete FBAR filing online without dealing with technical FinCEN portals.

Peace of Mind

Stay compliant with foreign bank account reporting requirements confidently.

Documents Required for FBAR Filing  

  • Foreign bank account details

  • Name and address of foreign financial institution

  • Foreign bank account numbers

  • Maximum account balance during the calendar year

  • Type of foreign financial account

  • Account holder name and ownership details

  • Signatory authority details, if applicable

  • U.S. taxpayer details (SSN or ITIN)

  • Tax year for which FBAR is being filed

5-Step FBAR Filing Process  

1

Account Assessment

2

Threshold Confirmation

3

 Data Compilation

4

 FBAR Filing Online

5

 Confirmation & Record Keeping

 How Ebizfiling Helps with FBAR Filing?

  • We carefully review your overseas accounts to ensure no reportable bank or financial account is missed under FBAR rules.

  • We determine the highest balance during the year using FinCEN guidelines to avoid under-reporting or valuation errors.

  • Our team files FinCEN Form 114 accurately through the BSA E-Filing System without technical or procedural mistakes.

  • We assess and report signatory authority cases correctly, even where ownership of the foreign account does not exist.

  • We help regularize missed or incorrect FBAR filings with proper disclosures to reduce penalty exposure.

  • We guide you on maintaining compliant FBAR records so you meet FinCEN documentation requirements confidently.

FAQs

Frequently Asked Questions on FBAR Filing  

Get Queries to All your Answers

  • What is FBAR and why is it required?

    FBAR is a mandatory disclosure used to report foreign financial accounts held by U.S. persons. It helps the U.S. government monitor offshore assets and prevent tax evasion.

  • Who is considered a U.S. person for FBAR purposes?

    U.S. citizens, green card holders, tax residents, and U.S. entities like LLCs, trusts, and corporations are treated as U.S. persons under FBAR rules.

  • What is the FBAR reporting threshold?

    FBAR filing is required if the total value of all foreign financial accounts exceeds USD 10,000 at any time during the calendar year.

  • Do I need FBAR filing if my foreign account earned no income?

    Yes, FBAR is based on the account balance, not on income earned. Even dormant or zero-income accounts may need reporting.

  • Are joint foreign bank accounts reportable under FBAR?

    Yes, joint account holders must report the full maximum value of the account if they meet the FBAR filing threshold.

  • What types of foreign accounts are reported in FBAR?

    Foreign bank accounts, brokerage accounts, mutual funds, and certain foreign insurance or annuity policies must be reported.

  • Are foreign branches of U.S. banks included in FBAR?

    Yes, accounts held in foreign branches of U.S. banks are considered foreign accounts and must be reported.

  • Are U.S. branches of foreign banks reported under FBAR?

    No, accounts held in U.S. branches of foreign banks are not treated as foreign accounts for FBAR purposes.

  • What is signatory authority and why does it matter?

    Signatory authority means you can control account transactions without owning the account. Such authority still triggers FBAR filing obligations.

  • How is FBAR different from FATCA (Form 8938)?

    FBAR is filed with FinCEN, while FATCA is filed with the IRS. Both have different thresholds and reporting requirements.

  • What is the FBAR filing deadline?

    FBAR must be filed by April 15 each year, with an automatic extension available until October 15 without a separate request.

  • Can FBAR be filed manually or offline?

    No, FBAR filing is allowed only through the FinCEN BSA E-Filing System in electronic format.

  • What happens if FBAR is not filed on time?

    Late or missed FBAR filing can lead to heavy penalties, even when the failure is unintentional or non-willful.

  • Can I file FBAR late if I missed previous years?

    Yes, delayed FBAR filings are allowed, but they must be handled carefully to reduce penalty exposure and scrutiny.

  • How long should FBAR records be maintained?

    FBAR records, including account statements and bank details, must be kept for at least five years from the filing date.

Reviews

  • Client Review, Ebizfiling

    Dev Desai

    19 Nov 2021

    Loves their services

  • Client review, Ebizfiling

    Harshit Gamit

    19 Apr 2018

    My GST process was made easier with Ebizfiling. I really appreciate the hard work by your team. Keep up the same in the future. Good Luck!

  • Lavit Dighe

    Lavit Dighe

    04 Mar 2024

    Rakesh & Harish has always been helpful and super quick in all our financial compliances related work. Thanks Rakesh, Harish & Team EbizFiling India. Keep up the good work.

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