June 2017 JD Supra

The Report of Foreign Bank and Financial Accounts (FBAR) is not a tax form.  Its filing is not required by the Internal Revenue Code. It is required by Title 31 of the Code of Federal Regulations. Title 31 is the Bank Secrecy Act (BSA).   Although FBAR reporting is within the jurisdiction of the Financial Crimes Enforcement Network – a Bureau of the US Department of the Treasury – (FinCEN), (it is E-filed on FinCEN Form 114), the investigation and enforcement of FBAR filing requirements has been relegated to IRS. https://www.jdsupra.com/legalnews/fbar-penalty-amounts-are-in-the-best-25639/