How do I know if I need to complete the Foreign Bank Account Reporting (FBAR)?

Basically, anyone with $10,000 or more (USD equivalents included) in a foreign bank or financial account at any point during the calendar year will be required to file the FBAR.

So, if your bank account in France typically has a balance of $9,950, but for one day has an extra $50, you will need to file an FBAR. Cumulative balances are also counted, so if you have $3,000 in four separate accounts, you will be required to file the FBAR. For more information, please refer to our blog post: Everything You Need to Know About the FBAR.