FBAR / FinCEN: foreign accounts

Updated: 2026

If you have bank, investment, or other financial accounts outside the United States, it is better to discuss them before filing.

What FBAR is

FBAR is a separate reporting requirement for foreign financial accounts. It is not part of Form 1040, but it may be connected to your tax situation.

The facts of the year matter: which accounts existed, who had access, maximum balances, and countries where the accounts are located.

Mention bank accounts, brokerage and investment accounts, certain electronic accounts, and other foreign financial assets you had during the year.

Even if an account is old, inactive, or money was not transferred to the U.S., it is better to discuss it before filing.

Useful records include account statements, owner information, country, currency, opening dates, and maximum balances during the year.

If documents are in another language, it is important to identify where the account number, owner, and amounts are shown.

Foreign accounts and foreign income are not the same. A client may have an account without income, or income without a separate financial account.

That is why FBAR / FinCEN should be reviewed as a separate point, not only as part of the general tax return.