U.S. citizens and residents who held a financial interest in, or signature authority over, a foreign bank or financial account at any point during 2025 may be required to report those accounts to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (also known as the FBAR). The filing requirement is triggered once the combined value of a taxpayer’s foreign accounts exceeds $10,000 at any single point during the calendar year, even for a day, regardless of what the balance in the accounts at the end of the year is. Â
What foreign accounts must be reported?
Generally, taxpayers must report the following foreign financial assets on their FBAR: foreign bank accounts, brokerage and securities accounts, commodity accounts, mutual funds and pooled investments, cash-value insurance policies, and certain foreign retirement vehicles such as Canada’s RRSP or Mexico’s AFORE accounts.  Â
When is the FBAR due?
The FBAR is an information report filing with FinCEN and it is not included in a tax return filed with the IRS. The original due date for the FBAR is April 15. However, the Treasury (through the FinCEN) grants an automatic six-month extension to October 15, with no extension request required. For the 2025 calendar year, the deadline is October 15, 2026. The FBAR must be filed electronically through an approved e-filing software or through the FinCEN website via a PDF upload.
What are the penalties for failing to file?Â
Lastly, penalties related to late (or non-filed) filing of the FBAR can be significant. A non-willful failure to file can result in a penalty of up to $10,000 per violation, while willful failures can result in substantially larger penalties and, in serious cases, criminal consequences. Â
Taxpayers who haven’t evaluated their 2025 FBAR filing requirements should contact their WG advisor for further discussion and analysis.Â
