Here’s what HIVE AI had to say about “How do foreign bank account reporting (FBAR) rules change?”:

FBAR rules in 2025: what changed, what didn’t, and what’s coming

Core FBAR obligations that have not changed

• The filing threshold remains $10,000 in aggregate across all foreign financial accounts at any time during the calendar year. FBAR is required even if the accounts generated no income, and it serves law-enforcement purposes beyond tax administration, separate from Form 8938 under FATCA. 1
• The due date remains April 15 for the prior calendar year; this statutory change dates to 2015 and continues to apply. 2
• FBARs must be filed electronically via FinCEN’s BSA E‑File system (FinCEN Form 114). 3
• FBAR filing is required for U.S. persons with either a financial interest in or signature authority over foreign financial accounts (bank, brokerage, certain pooled accounts, etc.). A power of attorney that confers signature authority triggers filing even if never exercised. 2
• Joint accounts: each U.S. person with a financial interest must report the full maximum value; there’s a limited spousal exception if all accounts are joint and Form 114a authorization is completed. 2
• Recordkeeping: retain account records generally for five years from the FBAR due date (names, account numbers, institution info, type, and maximum value). 2

Where FBAR differs from FATCA Form 8938 (and why that matters)

• Form 8938 and FBAR have different purposes, filing thresholds, and asset scopes. FBAR’s threshold is $10,000 aggregate; Form 8938’s is at least $50,000 for unmarried U.S. residents in the U.S. (higher for joint filers and those living abroad). Some assets may be reportable on one but not the other; FBAR continues independently of Form 8938. 1
• The government has emphasized that enacting Form 8938 did not replace FBAR; both regimes coexist. 1
• FBAR e‑filing through BSA E‑File remains mandatory and is separate from filing Form 8938 with your federal return. 3

Virtual currency: proposed expansion still pending

• Under current FBAR regulations, a foreign account holding only virtual currency is not reportable on FBAR; however, FinCEN has stated its intent to propose amending the rules to include virtual currency accounts in the FBAR definition. Monitor FinCEN for final rulemaking; until then, pure‑crypto accounts remain non‑reportable unless the account also holds reportable assets. 2

Penalties and enforcement posture

• Civil FBAR penalties can be severe and may exceed the account balance for willful violations; civil and criminal penalties can be imposed together. FBAR questions also appear on various tax returns (for example, Form 1040 Schedule B) and should be answered accurately. 2

Compliance options if you’re late

• The IRS streamlined filing procedures can mitigate FBAR and related penalties for eligible non‑willful taxpayers; properly submitted streamlined filings are generally not subject to FBAR penalties, though willfulness or fraud findings can change outcomes. 4

Practical 2025 checklist

• Confirm whether you have financial interests or signature authority, including POAs, over any non‑U.S. accounts and aggregate the maximum values to test against the $10,000 threshold. 2
• If both spouses have foreign accounts, use Form 114a only when all reportable accounts are jointly owned and one spouse files for both; otherwise each files separately. 2
• File by April 15 via the BSA E‑File system and keep five years of records that support your filing. 3
• Track FinCEN’s virtual currency rulemaking; foreign crypto‑only accounts could become FBAR‑reportable when the rule is finalized. 2

Sources

1 – IRS.gov – Explanation of Section 6038D temporary and proposed regulations 📄 Summarize
2 – IRS – Publication 5569 Report of Foreign Bank & Financial Accounts (FBAR) Reference Guide 📄 Summarize
3 – IRS.gov – Frequently asked questions (FAQs) about international individual tax matters 📄 Summarize
4 – IRS.gov – U.S. taxpayers residing in the United States 📄 Summarize

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