If you are a U.S. person and the combined balance of your foreign accounts exceeded $10,000 at any point during the year, you generally have to file an FBAR (FinCEN Form 114). This applies even if the accounts earned no income, the funds were already taxed, or you only had signature authority over a family or business account. Many people with assets abroad also have a separate FATCA filing requirement using Form 8938, which is filed with their federal income tax return.

Miami is one of the most international cities in the country. Many residents maintain accounts in Colombia, Venezuela, Argentina, Brazil, Canada, Israel, Europe, and other parts of the world for family, employment, business, or property-related reasons. Some do not become aware of FBAR requirements until a bank or accountant asks about their foreign accounts.

This guide explains who must file, how FBAR and Form 8938 differ, the October 15, 2026 extended FBAR deadline for 2025 accounts, and the options available if you missed filings in prior years. For a broader overview, see our international tax services: https://www.levinecpas.com/international-tax-services-in-miami

1. Who Counts as a "U.S. Person" for FBAR?

FBAR requirements apply to U.S. persons, a category that extends beyond U.S. citizens. It generally includes:

• U.S. citizens, regardless of where they live

• Green card holders, or lawful permanent residents

• Resident aliens who meet the IRS substantial presence test, including many individuals who recently moved to Miami on a visa

• U.S. entities, including LLCs, corporations, partnerships, trusts, and estates formed in the United States

If you became a Florida resident this year, our Florida residency guide covers the state-related considerations. Federal foreign account reporting follows separate rules and may begin in the first year you are treated as a U.S. resident for federal tax purposes.

https://www.levinecpas.com/blog/how-to-establish-florida-residency-for-tax-purposes-2026-guide

2. What Accounts Are Reportable?

The FBAR covers financial accounts located outside the United States in which you have a financial interest or signature authority. Common examples include:

• Checking, savings, and time deposit accounts at foreign banks

• Foreign brokerage and securities accounts

• Foreign mutual funds and certain foreign pension or retirement accounts

• Cash-value foreign life insurance or annuity policies

• Business accounts abroad over which you have signature authority, even if the funds do not belong to you

• Joint accounts held with a parent, spouse, sibling, or another person

The $10,000 test is aggregate. You consider the balances of all reportable foreign accounts together. For example, three accounts with balances of $4,000 each can put you above the filing threshold.

Rules involving cryptocurrency held through foreign platforms continue to evolve, so confirm the applicable reporting requirements before assuming an account or asset is excluded.

3. FBAR vs. Form 8938 (FATCA): The Differences That Matter

FBAR and Form 8938 are often confused because they can cover some of the same foreign financial assets. However, they are separate reporting requirements with different thresholds, filing procedures, and potential penalties. Some taxpayers are required to file both.

FBAR (FinCEN Form 114): filed electronically with FinCEN through the BSA E-Filing System. It generally applies to U.S. persons, including entities, when aggregate foreign financial accounts exceed $10,000 at any time during the year.

Form 8938 (FATCA): filed with the IRS as part of the federal income tax return. For U.S. residents, the general threshold is over $50,000 at year-end or $75,000 at any time for single filers, and over $100,000 at year-end or $150,000 at any time for married couples filing jointly. It can cover foreign accounts and other specified foreign financial assets.

The FBAR is generally due April 15, with an automatic extension to October 15. Form 8938 is due with the income tax return, including extensions.

Form 8938 thresholds are higher for certain taxpayers who live abroad. Confirm the applicable thresholds in the IRS instructions for the tax year you are filing.

Not sure whether you should have been filing?

Levine CPA and Advisors reviews foreign account histories for Miami families and business owners and assists with FBAR and Form 8938 filings. Call (305) 912-0085 or book a confidential consultation: https://www.levinecpas.com/contact

4. The 2026 Deadline: October 15

The FBAR for calendar year 2025 was due April 15, 2026, with an automatic extension to October 15, 2026. You do not need to request this extension.

If you also extended your income tax return, our October 15 extension deadline guide explains other filing considerations for that date:

https://www.levinecpas.com/blog/october-15-extension-deadline-what-miami-filers-need-to-do-2026

Because the FBAR is filed separately with FinCEN rather than with your federal income tax return, it can be overlooked, particularly when foreign account information was not addressed during tax preparation. Reviewing your reporting obligations before the extended deadline can help identify any required filings.

5. FBAR and Form 8938 Penalties

FBAR penalties can be significant, and applicable penalty amounts are adjusted for inflation.

• Non-willful violations: Civil penalties may apply to late or missing FBARs. In Bittner v. United States (2023), the U.S. Supreme Court held that the non-willful penalty applies per report rather than per account.

• Willful violations: Significantly larger penalties may apply and can be based on a percentage of the account balance. Criminal consequences may also apply in certain cases.

• Form 8938 failures: Separate penalties may apply, and failure to file Form 8938 can affect the statute of limitations for the related tax return.

If you discover a missed filing, the appropriate response depends on the circumstances, including whether all related income was properly reported.

6. If You Missed Prior Years

If you determine that you should have filed in previous years, simply beginning to file going forward may not address earlier reporting obligations. The IRS provides several procedures that may apply depending on the facts:

• Delinquent FBAR Submission Procedures: Generally available in certain situations where all taxable income was properly reported but required FBARs were not filed.

• Streamlined Filing Compliance Procedures: Designed for qualifying taxpayers whose failure was non-willful and who may also need to correct unreported foreign income, with separate procedures for U.S. residents and taxpayers living abroad.

• Delinquent International Information Return procedures: May apply to certain missed international information returns other than FBAR.

The appropriate procedure depends on the taxpayer's specific circumstances. Situations involving potential willfulness require particularly careful review.

If you have already received a notice, our IRS representation team can assist:

https://www.levinecpas.com/irs-representation-in-miami

7. Good Habits for Anyone With Money Abroad

• Maintain a list of every foreign account, including the financial institution, account number, and highest annual balance.

• Keep supporting statements for at least the applicable FBAR recordkeeping period.

• Tell your tax preparer about every foreign account, including accounts over which you only have signature authority.

• Report applicable foreign interest, dividends, gains, and other income on your U.S. return, since U.S. persons are generally subject to tax on worldwide income.

• If you are selling Florida property as a foreign owner, review our FIRPTA guide: https://www.levinecpas.com/blog/firpta-explained-what-foreign-sellers-of-florida-real-estate-should-expect-2026

Clients in Sunny Isles Beach, Brickell, and Aventura may have recurring foreign account reporting obligations. These filings can be incorporated into the individual tax preparation process when applicable.

Do Not Wait for a Bank Letter to Review Your Reporting

Foreign financial institutions may report account information to the IRS under FATCA. Reviewing your filing requirements proactively can make it easier to identify and address missing information before it becomes part of an IRS inquiry.

Frequently Asked Questions

Do I need to file an FBAR if my foreign account is under $10,000?

Not necessarily. If the combined highest balances of all your foreign accounts remained at or below $10,000 throughout the year, an FBAR generally is not required based on the balance threshold. The test is aggregate, so several smaller accounts can create a filing requirement when considered together.

Is the FBAR filed with my tax return?

No. The FBAR is filed electronically with FinCEN through the BSA E-Filing System. Form 8938, when required, is attached to your federal income tax return.

What is the FBAR deadline in 2026?

The FBAR for 2025 accounts was due April 15, 2026, with an automatic extension to October 15, 2026. No separate extension request is required.

Do I owe tax just because I file an FBAR?

No. The FBAR is an information report, not a tax return. However, income earned by foreign accounts, such as interest or dividends, may be reportable on your U.S. income tax return.

Do I have to report an account I can sign on but do not own?

Generally, signature authority over a foreign financial account can create an FBAR reporting requirement even when you do not own the funds. Limited exceptions apply in certain circumstances.

What if I never knew I had to file an FBAR?

The IRS provides procedures for taxpayers who missed required filings, including the Delinquent FBAR Submission Procedures and Streamlined Filing Compliance Procedures. The appropriate approach depends on your circumstances, so consider obtaining professional advice before submitting prior-year filings.

This article provides general information only and is not tax, legal, or financial advice. Tax rules, thresholds, and deadlines change, and every situation is different. Speak with a qualified professional about your circumstances before acting.

Ready to talk it through?

Levine CPA and Advisors helps Miami residents and business owners report foreign accounts correctly and address prior filing issues. Call (305) 912-0085 or schedule an international tax consultation: https://www.levinecpas.com/contact