This page lists the requirements, numbers and penalties. The overview explains who is covered.
What the law requires
| Requirement | What it means in plain words | Section |
|---|---|---|
| FBAR | File FinCEN Form 114 online through BSA E-Filing, not with the tax return, and keep records five years | 31 CFR 1010.350 |
| FBAR accounts | Bank, brokerage, futures, cash-value insurance, mutual fund and other foreign financial accounts count. Foreign accounts held by a U.S. IRA or a 401(a), 403(a) or 403(b) plan are excepted; foreign retirement accounts such as a Canadian RRSP are not | 1010.350(c), (g)(4) |
| Form 8300 | File within 15 days of receiving the cash, by e-file unless the business files fewer than 10 other information returns or has a waiver; send each person named a statement by 31 January; keep a copy five years | 31 CFR 1010.330; 26 U.S.C. 6050I |
| Money services businesses | Register on FinCEN Form 107 within 180 days (agents-only exempt), renew every two calendar years, keep a written anti-money-laundering program, report suspicious activity (check cashers excepted) | 31 CFR 1022.210, 1022.320, 1022.380 |
Key numbers and dates
| Item | Amount or date | Year in force | Source label |
|---|---|---|---|
| FBAR threshold | More than $10,000 combined, at any time in the year | 2026, unchanged | IRS FBAR page |
| FBAR due date, 2026 accounts | 15 Apr 2027, automatic to 15 Oct 2027 | 2027 | IRS FBAR page; calendar |
| Form 8300 threshold | More than $10,000 in cash | 2026 | IRS Form 8300 page |
| Money services business thresholds | Over $1,000 per person per day; suspicious activity report at $2,000 or more | 2026 | FinCEN; 31 CFR 1022.320 |
Source: FinCEN and IRS
Recent and pending changes
- 28 Feb 2023: in Bittner v. United States, the Supreme Court held the non-willful FBAR maximum applies per report, not per account.
- 17 Jan 2025: the newest FinCEN penalty table set the non-willful maximum at $16,536, up from $16,117 (25 Jan 2024) and $15,611 (19 Jan 2023). We found no 2026 table.
- 1 Jan 2024: Form 8300 e-filing became mandatory for filers that e-file other information returns.
Penalties and enforcement
FinCEN holds civil penalty authority and has handed FBAR enforcement to the IRS, which also enforces Form 8300 and Internal Revenue Code penalties. The Justice Department handles criminal cases. A non-willful FBAR penalty does not apply when there was reasonable cause and the account was properly reported.
| Violation | Maximum (2025 table) | Basis |
|---|---|---|
| FBAR, non-willful | $16,536 per report (statute: $10,000) | 31 U.S.C. 5321(a)(5)(B); 31 CFR 1010.821 |
| FBAR, willful | Greater of $165,353 or 50 percent of the balance | 31 U.S.C. 5321(a)(5)(C), (D) |
| FBAR, criminal | Up to $250,000, 5 years, or both; $500,000 and 10 years if aggravated | 31 U.S.C. 5322 |
| Form 8300 missing or wrong | $340 per return, less if corrected quickly (returns due 2026 and 2027) | IRC 6721 |
| Form 8300, intentional disregard | Greater of $34,150 or the cash received, up to $136,500 (returns due 2026) | IRC 6721(e)(2)(C) |
| Structuring | Up to 5 years in prison, 10 if aggravated | 31 U.S.C. 5324(d) |
Next, the checklist and FAQs. Related: FBAR penalties, Form 8938 penalties and the Corporate Transparency Act guide.
Official sources
- IRS: Report of Foreign Bank and Financial Accounts (FBAR)
- IRS: Instructions for Form 8300
- eCFR: 31 CFR 1010.350 (foreign financial accounts)
- eCFR: 31 CFR 1010.821 (penalty adjustment table)
- FinCEN: Money Services Business Definition
This page is a plain-language summary. The official source controls if there is any difference.