Introduction If you're a U.S. taxpayer with foreign financial accounts, there's a form you should know about: the FBAR, officially known as FinCEN Form 114. It's not a tax form, but it's an essential compliance requirement under the Bank Secrecy Act. This article helps you understand what FBAR is, who must file, when to file, and why it's important in 2025. What Is the FBAR? The FBAR (Foreign Bank and Financial Accounts Report) is an electronic form submitted to the Financial Crimes Enforcement Network (FinCEN), not the IRS. It is required if you have financial interest in or signature authority over one or more foreign accounts with an aggregate value exceeding $10,000 at any time during the calendar year. The Purpose of FBAR The main goal of the FBAR is to combat tax evasion and promote financial transparency. It helps the U.S. government detect unreported foreign accounts and enforce compliance with U.S. laws. Who Must File? You must file FBAR if: Yo...