Each U.S. person or resident alien who has a financial interest in or signature or other authority over a bank account, securities account or other financial account in a foreign country must make a report of those relationships on an FBAR through form 8938 or Fincen form 114 (formerly TDF 90-22.1) for each calendar year during any part of which the aggregate value of all the accounts exceeded $10,000.
The FBAR must be filed on or before June 30 of the succeeding year. There is no extension available for filing the FBAR; an extension of time to file a federal income tax return does not extend the due date for filing an FBAR.
Civil penalties apply for failing to file an FBAR. For willful violations, the maximum penalty is the greater of $100,000 or 50% of the highest balance in the account per year. The penalty for a non-willful failure is $10,000 per violation.