The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) exercises regulatory authority under the Bank Secrecy Act (BSA), a framework of laws designed to combat money laundering and terrorism financing. If an individual has a financial interest in, signature authority, or other authority over one or more financial accounts in foreign countries with an aggregate value of more than $10,000, they must report this information to FinCEN using Form 114, Report of Foreign Bank and Financial Accounts (FBAR). It can be both completed and submitted at the BSA website, using either an online form or a PDF form here.
Note: If you're not completing and submitting the online FBAR, save the PDF FBAR and open it in Adobe Acrobat Reader or other PDF software, as it may refuse to open in your web browser.
An attorney, CPA, or enrolled agent filing the FBAR on behalf of a client must register with the BSA. An individual filing the FBAR on their own behalf doesn't need to register with the BSA.
The FinCEN Form 114 filing due date coincides with the federal tax return due date of April 15, and an automatic 6-month extension can be granted until October 15. If the due date falls on a Saturday or Sunday it is extended until the following business day.
IRS Form 8938, Statement of Specified Foreign Financial Assets reports much of the same information as filed on the FinCEN Form 114, and one or both may be required for an individual. Form 8938 is used to report foreign financial assets and is transmitted to the IRS with the tax return. See below for a link to IRS info comparing the two forms.
Note: FinCEN Form 114 is not an IRS form and thus is not supported by TaxSlayer Pro.
FinCEN: FBAR filing requirements (click the FBAR dropdown menu)