Critical Compliance Alert
Non-compliance with FBAR and FATCA requirements can result in severe penalties ranging from $10,000 to $60,000 or more. US persons (including NRIs) must report foreign financial accounts.
US Persons include:
Aggregate value of foreign accounts exceeds $10,000 at any time during the calendar year
April 15 (automatically extended to October 15 - no extension request needed)
Single Filers:
Joint Filers:
| Aspect | FBAR | FATCA |
|---|---|---|
| Threshold | $10,000 | $200,000+ (abroad) |
| Form | FinCEN Form 114 | Form 8938 |
| Filing | Separate e-filing | With tax return |
| Deadline | April 15 (auto extension) | Tax return deadline |
Bank name, address, account number, maximum balance during the year
Visit BSA E-Filing System website and create account if needed
Fill in personal information and account details for each foreign account
Review and submit - keep confirmation receipt for records
Situation: US resident with NRO account in India containing ₹12 lakh ($14,500)
Requirement: Must file FBAR (exceeds $10,000). May need FATCA depending on total foreign assets.
Situation: Multiple Indian bank accounts totaling $85,000
Requirement: Must file both FBAR and FATCA (if single and living abroad).