What Is the Fbar?

What Is the Fbar?

Leihernst Lamarre Esq.

January 31, 2023

Tweet Share Share

FBAR stands for “Foreign Bank Account Report,” a report required by the U.S. Treasury Department for American citizens and residents with financial interests in or signature authority over foreign financial accounts if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. FBAR has filed annually with the Financial Crimes Enforcement Network (FinCEN).

If you did not file an FBAR and are required to, you may face penalties. The penalties for not filing an FBAR can be substantial and include fines of up to $10,000 per violation for non-willful violations and up to $100,000 or 50% of the balance in the account, whichever is greater, for willful violations. In extreme cases, the U.S. Treasury may also bring criminal charges against individuals who knowingly and willingly fail to file an FBAR. In addition, failing to file an FBAR may result in the IRS disallowing certain deductions and credits and may impact your ability to receive certain foreign-source income.

If you did not file an FBAR and are required to, you should take immediate action to become compliant. You can do this by:

Filing all missing FBARs as soon as possible.
Submitting a statement explaining why the FBARs were not filed on time.
Paying any applicable penalties or fines.

You should seek professional assistance by reaching out to the Lamarre Law Group P.A., which specializes in FBAR compliance, to help you navigate the process and minimize potential penalties.

Client Reviews

It was a pleasure to work with attorneys Hiten and Lindsey. The duo helped us establish a Trust and reorganize our family assets. Both attorneys were knowledgeable in their fields and provided outstanding service. I'm pleased to have chosen the Lamarre Law Group for my legal needs!

Krishan P.

Hiten and the team at Lamarre Law Group have been a blessing for a small business owner like myself. They have provided high quality legal services for a variety of issues my business has faced. Highly recommended!

Mikhel P.

This is the attorney to hire. I called their office for free consultation. The attorney did not represent the area that I was looking for. He spent time to explain the law and what I should do and how I should proceed. Not many attorneys would have taken the honest care that Mr Lamarre did when...

Affinity Publishing Group inc

Attorney Lamarre was wonderful. He put our minds at ease. He is so professional and gets the job done. We found him to be very personable, caring, and his fees are very reasonable. He provides excellent “customer service” with a smile. My husband and I highly recommend him to solve your tax...

Shirley K.

If you are looking for someone who is extremely knowledgeable, then you will want to reach out to Attorney Lamarre!

Ertha S.

Lee is an excellent choice for a tax lawyer when you need one. He is knowledgeable, thorough, quick and personable. Highly recommended!

Krista E.

Over the years, I have had several occasions to need the services of an attorney. Without a doubt, my experience with Lamarre Law Group has been the most pleasant experience with any attorney I have ever had. Within 24 hours of my leaving them a message, my call was returned (within 2 hours or...

Kim L Ground

I've worked with both Lei & Hiten from Lamarre Law Group and they are extremely knowledgable on business law, contract law, tax law, & bankruptcy law. Our firm has been able to build a great relationship with the Lamarre Law Group because their partners are diligent, trustworthy, and excellent...

David E.

Submit a Law Firm Client Review