The FBAR now will be known as FinCEN 114 (formerly TD F 90-22.1), Report of Foreign Bank and Financial Accounts (FBAR).

A U.S. person must file a Report of Foreign Bank and Financial Accounts (FBAR) if that person has a financial interest in, signature authority or other authority over financial accounts in a foreign country and the aggregate value of these account(s) exceeds $10,000 at any time during the calendar year. The annual filing is required by June 30 each year. This form is not part of the U.S. person’s tax return filing, and no extension is available for additional time to file the form. FBAR filers should keep a copy of what was filed for their records for a period of five years from June 30 of the year following the calendar year reported.

Effective July 1, 2013, FinCEN requires all FBAR forms to be electronically filed. Prior to July 1, 2013, a U.S. person could choose to file the FBAR electronically or file a signed paper FBAR form on or before June 30, after the end of each calendar year.