Tax
FBAR
Also known as: Foreign Bank Account Report, FinCEN Form 114, Report of Foreign Bank and Financial Accounts
Quick answer
IRS — Report of Foreign Bank and Financial Accounts · checked 9 Nov 2026
The filing test uses the combined value of relevant foreign financial accounts, not a separate threshold for each bank. Taxable income from an account is not necessary for the account to be reportable. Exceptions apply to specified account types.
The standard filing deadline is 15 April following the reporting year, with an automatic extension to 15 October, subject to calendar and relief rules. Penalty amounts and relief depend on the facts and applicable law; a fixed historical penalty is not a current assessment.
Sources
- IRS — Report of Foreign Bank and Financial Accounts · checked 9 Nov 2026
Related terms
FATCA
FATCA creates foreign financial-account reporting obligations for financial institutions and certain taxpayers. Under the IRS rules checked in 2026, individuals qualifying as living abroad generally file Form 8938 above $200,000 at year-end or $300,000 during the year; joint-filer thresholds are $400,000 and $600,000 respectively. Filing obligations and exceptions depend on the person's circumstances.
IRS Streamlined Filing Compliance Procedure
The IRS Streamlined Filing Compliance Procedures are available to eligible taxpayers whose foreign-income or asset-reporting failures were non-wilful. The foreign offshore procedure requires the relevant three years of tax returns, six years of FBARs and a signed certification. Eligibility includes a specific non-residency test; living abroad alone is insufficient.
FEIE (Foreign Earned Income Exclusion)
The Foreign Earned Income Exclusion allows eligible US taxpayers to exclude up to $132,900 of qualifying foreign earned income for tax year 2026. A foreign tax home and either the bona fide residence or physical presence test are required. The physical presence test requires 330 full days in foreign countries during a consecutive 12-month period. The exclusion does not reduce self-employment tax.
Deeper guides
FBAR & FATCA 2026: Complete Compliance Guide for US Expats (Penalties, Deadlines, Banking)
Every US person with $10,000+ in foreign accounts must file FBAR. Penalties up to $165,353 for willful violations. FATCA Form 8938 thresholds, FATCA-friendly banks by country, amnesty programs for late filers, and the 2026 enforcement landscape.
Expat Banking 2026: Which US Banks Won't Close Your Account Abroad?
Schwab and Fidelity won't close your account abroad — most US banks will. Plus: Wise vs banks (0.5% vs 3-5%), opening accounts in 20 countries, and FBAR/FATCA filing.
FEIE vs. Foreign Tax Credit in 2026: Which Saves You More? ($132,900 Exclusion)
2026 FEIE raised to $132,900. Compare the Foreign Earned Income Exclusion and Foreign Tax Credit with worked examples by income level. Includes FBAR and FATCA requirements.
Expat Taxes in 2026: What Americans Living Abroad Need to Know
FBAR, FEIE, tax treaties, and the 2026 basics of US tax obligations for Americans living overseas.
ImmigrationOS: How Palantir's $30M ICE Contract Changes Visa Compliance in 2026
ICE awarded Palantir a $30M April 2025 contract to build ImmigrationOS — a unified platform joining IRS, SSA, DMV, passport, and license-plate-reader data. Prototype delivered Sept 25 2025; contract runs through Sept 2027. Practical implications for US citizens abroad, green card holders, H-1B/NIV holders, and N-400 applicants. Five-item 2026 compliance checklist.