FBAR stands for Foreign Bank Account Reporting. It is also referred to as FinCEN Form 114. U.S. taxpayers with a financial interest or signature authority over a foreign financial account that exceed certain values may need to file annual FBARs. Foreign financial accounts include bank accounts, brokerage accounts, mutual funds, trusts, and some life insurance policies to name a few.
An FBAR must be filed electronically and there are no extensions for filing FBARs, even if you receive an extension on filing your income tax returns. For 2015 an FBAR must be filed on or before June 30, 2016 for the previous year’s Federal tax return. (For 2016 and after, the FBAR filing deadline will be April 15th).
Visit the IRS website Report of Foreign Bank and Financial Accounts (FBAR) page for more information.