1. Who needs to file?
Anyone that files Form 1040 or a business entity that has more than $10K balance in a foreign financial account.
2. What is included in foreign financial account?
Savings Account
Fixed Deposits
Mutual Funds
Brokerage accounts
Certain Insurance policies
3. What is Maximum a/c value?
The total value of all your foreign accounts in excess of $10,000 at any point during the year.
4. Penalties?
Subject to civil, criminal or both but usually it starts with $10,000 per year missed. For example, if you missed to file the 2020 report then typically it'll be $20K penalties if you are doing it in 2023. If there was any willful violation then it'll attract other penalties including criminal penalties.
5. Due Date?
Generally April 15th but automatically extended to October 15th of the year following the calendar year.
6.Where to file - see link below.
Ans: https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
7. Can you file this on your own?
Absolutely. This can be a DIY project if you have a couple of accounts with no complications. However, the EG Tax team can help file this for you for a nominal charge if needed.