Determine your exact foreign bank account reporting requirements in 4 simple steps. This comprehensive assessment analyzes your specific financial situation and provides personalized recommendations for FBAR, FATCA (Form 8938), PFIC reporting, and other complex international tax forms. Get instant clarity on filing deadlines, penalty risks, and compliance requirements based on your account values, ownership structures, and residency status.
Transform complex international tax compliance into clear, actionable guidance.
Foreign Account Compliance: Frequently Asked Questions
Get answers to common questions about FBAR, FATCA, and foreign financial reporting
FBAR (Foreign Bank Account Report) is required for US taxpayers who have a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year.
FBAR (FinCEN Form 114) must be filed electronically with FinCEN by April 15th (automatic extension to October 15th). Unlike most tax forms, there is no option to request an extension beyond October 15th.
FBAR and Form 8938 (FATCA) have different thresholds, filing locations, and requirements:
FBAR: $10,000 threshold, filed with FinCEN, due April 15th
Form 8938: $50,000-$600,000 threshold (depending on filing status and residency), filed with tax return, covers broader foreign assets
Yes – foreign mutual funds and ETFs typically require Form 8621 (PFIC reporting) in addition to FBAR and Form 8938 if thresholds are met.
PFICs (Passive Foreign Investment Companies) have complex tax rules with severe consequences if not reported properly. This includes most non-US mutual funds, ETFs, and similar pooled investment vehicles.
FBAR includes all foreign financial accounts: bank accounts, investment accounts, mutual funds, pension accounts, insurance policies with cash value, and accounts where you have signature authority.
The $10,000 threshold is based on aggregate maximum value during the year, not year-end balance.
Foreign corporations require Form 5471 (multiple categories with different thresholds)
Foreign trusts require Form 3520 for distributions/transfers and Form 3520-A for trust ownership
Simple FBAR filing: 1-2 hours
Form 8938: Additional 2-4 hours
PFIC reporting (Form 8621): 5-15 hours per fund
Foreign corporation/trust reporting: 10-40+ hours
How to Use the Foreign Bank Account Compliance Calculator
Follow these 4 steps to determine your exact foreign account reporting requirements
Enter Basic Information
Select your filing status (single, married joint, etc.), US residency status, and how long you’ve lived abroad. This determines your specific filing thresholds and requirements.
Account Details
Provide the number of foreign accounts you own and their total maximum value during the tax year. Include signature authority accounts and specify if you received any distributions from foreign trusts.
Account Types
Check all relevant account types: bank accounts, investment accounts, mutual funds, pension accounts, insurance policies, corporations, partnerships, and trusts. Each type has specific reporting requirements.
Additional Factors
Answer questions about trust distributions, foreign corporation ownership, serving as trustee, and large money transfers. These factors determine additional forms like 3520, 5471, and 3520-A.
Information You’ll Need Before Starting
- Account balances: Maximum value reached by each foreign account during the tax year
- Account types: Detailed categorization of each foreign financial account
- Trust information: Any distributions received from foreign trusts or trustee appointments
- Business ownership: Percentage ownership in foreign corporations or partnerships
- Transfer records: Large money transfers to or from foreign accounts ($100,000+)
- Signature authority: Accounts you can sign on but don’t own (employer accounts, etc.)
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