As a U.S. citizen or resident, if you have financial accounts overseas, you have an obligation to report them. There are two separate reporting requirements for the same information, one to the Department of Treasury (FBAR or FinCEN) and another to the IRS.
The FBAR reporting threshold is $10,000 in aggregate across all foreign accounts at any point during the year. For the IRS, the thresholds are higher: $50,000 at year-end or $75,000 at any point (for singles), doubling for married filing jointly.
If you’re abroad, the IRS thresholds increase further. Failing to file these reports can result in steep penalties, so stay on top of your foreign account reporting obligations.
