Foreign Bank and Financial Accounts (FBAR) Reporting

A U.S. Resident or Citizen is required to file FinCen Form 114, FBAR, if at any time during the calendar year, the aggregate value in the foreign country financial accounts exceed US$10,000. The requirement applies even if you only have a signatory authority but the ownership of the funds. 

If a taxpayer fails to file an FBAR, they can be subject to a penalty of up to $10,000 per violation. The penalties could be higher if the act is willful. 

The due date of the form is same as the 1040 deadline. There is an automatic 6 months extension available without a need for taxpayers to actually request an extension.