U.S. citizens & residents abroad
Foreign accounts over $10,000 combined trigger an annual FBAR — even on money that was never taxable in the U.S.
Specialized Filing
FBAR Filing Help (FinCEN Form 114)
If you are a U.S. person with foreign bank or financial accounts that topped $10,000 combined at any point in the year, you must file an FBAR — FinCEN Form 114 — separately from your tax return. As an international tax specialist, I prepare current-year FBARs and fix missed prior-year filings.
Non-willful penalties can reach $16,536 per year and willful penalties far more. If you are behind, there are established IRS paths to get compliant — I map the right one for your facts.
Who This Applies To
Green-card & visa holders
U.S. tax residents must report non-U.S. accounts, including ones opened before moving to the States.
Signature authority only
You can owe an FBAR for business, employer, or family accounts you control but do not own.
Missed prior-year filers
Delinquent FBAR and Streamlined procedures can bring you current, often with no penalty.
What I Do
The work starts with confirming what actually has to be reported, then filing cleanly, then making sure nothing on your return contradicts it.
- Confirm which accounts and which years require an FBAR
- Prepare and e-file FinCEN Form 114 for the current year and prior years
- Determine whether you qualify for Streamlined or Delinquent FBAR procedures
- Coordinate the FBAR with Form 8938, Schedule B, and your income tax return
- Build a non-willfulness or reasonable-cause record when relief is needed
Full Return, Handled End-to-End: An FBAR rarely stands alone. I handle the whole picture — income tax return, Form 8938, and any related international forms — so nothing contradicts the FBAR.
Penalty Awareness — FBAR Exposure
Non-Willful
$16,536
Maximum per annual report (2025, inflation-adjusted). Under Bittner v. United States it is one penalty per FBAR — not per account.
Willful
$165,353 or 50%
The greater of $165,353 (inflation-adjusted) or 50% of the account balance at the time of the violation.
Filing Threshold
$10,000
Combined value of all foreign accounts at any point in the year. Due April 15, automatic extension to October 15.
Getting Compliant
Often $0
Delinquent FBAR and Streamlined procedures can eliminate penalties when you qualify and act before the IRS contacts you.
FBAR exposure turns on facts, not just balances. A short review shows whether you qualify for a penalty-free path — and acting before the IRS reaches out is what keeps those options open.
FBAR Questions
FBAR FAQ
Who has to file an FBAR?
Any U.S. person — citizen, green-card holder, or U.S. tax resident, plus many U.S. entities — who had a financial interest in or signature authority over foreign financial accounts whose combined value topped $10,000 at any point during the year. It applies even if the accounts produced no income.
What accounts count toward the $10,000 threshold?
Foreign bank accounts, brokerage and investment accounts, most foreign pensions and certain retirement accounts, foreign mutual funds, and some cash-value foreign life insurance. You add up the highest balance of every foreign account; if the total crosses $10,000 even for a single day, every account must be reported.
I have several years of missed FBARs. What are my options?
If your income was otherwise reported, the Delinquent FBAR Submission Procedures often let you file late with no penalty. If you also missed foreign income or other international forms, the Streamlined Filing Compliance Procedures are usually the right path. The correct route depends on your facts, and the key is acting before the IRS contacts you.
What is the penalty for not filing?
Non-willful violations carry a maximum penalty of $16,536 per annual report for 2025 (adjusted for inflation), assessed per FBAR rather than per account after the Supreme Court Bittner decision. Willful violations run to the greater of $165,353 or 50% of the account balance, and can carry criminal exposure in the worst cases.
Does filing an FBAR mean I owe tax?
No. The FBAR is an informational report filed with FinCEN, not the IRS, and filing it does not by itself create any tax. Tax only arises if the accounts generated income that was not already reported on your return — something I check at the same time.
When is the FBAR due?
It is due April 15, with an automatic extension to October 15; you do not have to request the extension. It is filed electronically through FinCEN, separately from your federal tax return.
Is the FBAR the same as FATCA / Form 8938?
No. They overlap but are separate. The FBAR (FinCEN 114) goes to FinCEN; Form 8938 (FATCA) is filed with your tax return and has different thresholds. Many people must file both. See my international tax page for how they fit together.
About Your Preparer
Prepared Personally by Tajma Qorri
Tajma Qorri is the founder of Qorri Tax Service LLC and an international tax specialist with more than 10 years in public accounting at Plante Moran, Grant Thornton, and Dean Dorton. Her focus is cross-border compliance — Forms 5471, 5472, 3520, and 8938; FBAR reporting; streamlined filing procedures; and tax-treaty analysis — for individuals and small businesses.
Every engagement is handled directly by Tajma, never passed to junior staff, and she has filed returns for clients in all 50 states. You get a firm, flat-fee quote before any work begins.
FBAR Help in Chicago and Nationwide
Qorri Tax works from an office at 222 S Prospect Ave in Park Ridge, IL, serving Chicago-area clients in person and clients in all 50 states remotely. Whether you are around the corner or across the country, FBAR preparation is handled the same way — directly by Tajma, start to finish.
FBAR preparation starts at $150 (up to 5 accounts), quoted as a flat fee before any work begins. See full pricing →
Need help with this filing?
Book a consultation and I will map scope, forms, and timeline before the deadline.
Book Free Consultation