FBAR Penalty Calculator
Estimate your FBAR penalty exposure and see how much you could save under the IRS Streamlined Filing Compliance Procedures.
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Estimated Results
Note: Non-willful penalties are assessed per FBAR form filed per year (not per account) following the Supreme Court ruling in Bittner v. United States (2023). Willful penalties are assessed per account per year.
Disclaimer: This calculator provides estimates for educational purposes only. Penalty amounts are based on 2024 inflation-adjusted figures. Consult a qualified tax adviser before making any decisions.
Getting your FBAR filings back on track
Falling behind on foreign account reporting is more common than most people realise, and the path back to compliance is well established. We assess your circumstances, identify the disclosure route that fits your situation, and prepare every form so nothing is missed.
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Specialists in US-UK reporting obligations
Americans living in the UK often hold ISAs, SIPPs and other accounts that carry US reporting duties even when they are tax-free at home. Our dual-qualified team understands both systems, so your FBAR and wider filings line up across the Atlantic without surprises.
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Frequently Asked Questions
Everything you need to know about FBAR penalties and the Streamlined Filing Procedures.
The FBAR (FinCEN Form 114) is the Report of Foreign Bank and Financial Accounts. It is required for US persons who have a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any point during the calendar year.
Up to $16,536 per year (2024, inflation-adjusted). Following the Supreme Court's 2023 ruling in Bittner v. United States, non-willful penalties are assessed per FBAR form filed — not per account. This significantly reduced exposure for taxpayers with multiple foreign accounts.
The greater of $165,353 (2024) or 50% of the account balance at the time of the violation, assessed per account per year. Willful penalties can therefore exceed the total account value over a multi-year period.
The Supreme Court ruled in 2023 that non-willful FBAR penalties are assessed per FBAR form filed (one per year), not per account. Before this ruling, the IRS often assessed a separate penalty for each unreported account in each year, which could result in enormous penalties for taxpayers with multiple accounts.
US citizens, green card holders, and tax residents (including those meeting the substantial presence test) must file an FBAR if they have foreign financial accounts with an aggregate value exceeding $10,000 at any point during the calendar year.
Yes. Cash ISAs, Stocks & Shares ISAs, SIPPs, and most UK pension accounts must be reported on the FBAR if the aggregate threshold is met. The ISA's tax-exempt status in the UK does not affect the US reporting obligation.
SFOP is an IRS amnesty programme for non-willful failures by taxpayers residing outside the United States (meeting the non-residency requirement of 330+ days abroad). It waives all FBAR and tax penalties. Taxpayers must file 3 years of tax returns and 6 years of FBARs, along with a non-willfulness certification.
SDOP is for US residents who failed to report foreign financial assets non-willfully. It imposes a 5% miscellaneous offshore penalty on the highest year-end aggregate balance of unreported foreign financial assets, but waives FBAR and other penalties.
FATCA (Foreign Account Tax Compliance Act) requires foreign financial institutions to report US account holders directly to the IRS. Additionally, the Common Reporting Standard (CRS) enables automatic exchange of financial account information between over 100 countries, making it increasingly difficult to conceal foreign accounts.
The IRS has 6 years from the FBAR due date (generally April 15, extended to October 15) to assess FBAR penalties. This means the IRS can potentially assess penalties for FBARs going back 6 years from the current date.
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