If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the U.S. Internal Revenue Service (IRS) by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
In addition, U.S. citizens and residents with specified foreign financial assets with an aggregate value exceeding $50,000 must report them to the IRS on Form 8938, Statement of Specified Foreign Financial Assets, attached to their federal income tax return. For further information related to this statement of specified foreign financial assets, see Information for U.S. Taxpayers on Form 8938 Requirements.
The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
Effective July 1, 2013, filers must electronically file the FBAR through the BSA E-File System.