U.S. persons, this includes both individuals and businesses, are subject to substantial information reporting requirements. The most common foreign information reporting obligation is the Foreign Bank Account Report, commonly referred to as the FBAR. U.S. persons are required to file the FBAR form if the highest aggregate balance in all accounts held outside the U.S. exceeds $10,000 at any time during the tax year. This form is used to report any type of foreign account, including checking, savings, investment and retirement. A U.S. person must report an account on an FBAR if they have signature authority or a beneficial interest in the account. As this form is produced by a bureau of the Department of the Treasury called the Financial Crimes Enforcement Network and formerly had a due date of June 30^th, it was commonly missed by taxpayers and accounting professionals. If it is determined that previous FBAR filings were missed, it is important to seek professional guidance immediately as the potential penalties for late filed or unfiled FBARs are substantial.