Citizens and residents of the United States must file an FBAR if that person has a financial interest in or signature authority over any financial account(s) outside of the United States and the aggregate maximum value of the account(s) exceeds $10,000 at any time during the calendar year. Entities created or organized in the USA, such as corporations, partnerships, LLC’s, Trusts and Estates are also subject to FBAR. Financial account(s) from above, include the following: • Bank accounts, savings accounts, and time deposits • Mutual funds • Insurance policies • Commodities or Options accounts • Brokerage and Securities Accounts The FBAR is a calendar year report and must be filed on or before April 15 of the year following the calendar year being reported. The penalties for failing to file FBARs are severe. There is a minimum $10,000 penalty if your failure to file was inadvertent. However, if you are found guilty of willfully not filing an FBAR, the minimum fine is $100,000 or half the value of the account, whichever is greater. For willful failure to file FBAR or retain records of account, there are also criminal penalties (jail time) that might be imposed.