We are excited to introduce our automated FBAR filing service, allowing U.S. persons to file their Foreign Bank Account Reports (FBARs) directly through their TFX accounts. In other words, TFX clients can now file FBARs themselves directly with the U.S. Treasury, separate from federal tax returns. This simplifies the process, saving time and ensuring compliance with U.S. tax regulations.
Key changes in FBAR filing: TFX FBAR service charges and adjustments
The standard FBAR filing cost is now a flat $85 regardless of the number of accounts. Previously, the FBAR filing cost was $75 for up to five accounts plus $10 per additional account. This reduces costs for clients with multiple accounts.
FBAR is no longer included in the Engagement Letter (EL) since tax preparer involvement is not required. Clients can now file FBAR reports directly via their TFX account in the Compliance monitor section.
Non-standard FBAR filing process: If you have zero-balance financial accounts and/or provide an Excel file or spreadsheet with more than 5 accounts requiring tax preparer involvement, the FBAR will be included in the EL and a different pricing structure will apply: $85 for up to five accounts, plus $10 for each additional account beyond five. However, if you enter your foreign financial account information directly into the Non-U.S. Financial Accounts TQ section, our flat fee of $85 will still apply.
Exception: If you are filing via the Streamlined Procedures program, your tax preparer will handle your FBARs as part of the Streamlined Procedures (SP) package (6 FBARs are included in the SP package).
If your Tax Questionnaire indicates that no FBAR filing is required, you will not be billed for the service. In cases where charges were applied but an FBAR is ultimately unnecessary, contact our Customer Success (CS) team to credit your account.
If discrepancies in ELs regarding FBAR services arise, disagree with the EL, and we will fix the issue.
Note: If you want your tax preparer to file your FBAR instead of using the automated system and to include it in the EL, email success@tfx.tax or disagree with the EL and request it explicitly. Your assigned tax preparer will then include the FBAR preparation costs in the new EL and file your FBAR.
Auto FBAR filing process
To request and file your FBAR through your TFX account, follow these steps:
Step 1. Request the FBAR filing service
Option 1: Through the Compliance monitor section
Log into your account and navigate to the Compliance monitor section. The FBAR tab opens automatically.
Select the year or range of years for which FBAR reports are needed.
Click the File FBAR button.
An FBAR request is created for each selected year with the status Requested, payment due, and an invoice (per year) in the Bills & payments section.
Option 2: Through a Tax Questionnaire (TQ)
Go to Life & Income > Income Sources and select Yes next to the statement: I own or have signature authority over non-U.S. financial accounts.
Navigate to the Non-US Financial Accounts section and answer Yes to Do you want TFX to prepare FBAR?
Once Yes is selected, the No option becomes inactive, and a tooltip explains: “You can cancel your FBAR request in Compliance monitor”.
An FBAR request is created automatically with the status Requested, payment due, and an invoice for the selected year in the Bills & payments section.
You can continue filling out your current TQ or go to the Compliance monitor section, file your FBAR, and return to the TQ later.
❗ Important notes:
Initially, the system may not show the correct number of financial accounts. Once you reach the review stage, the correct number of accounts in the Compliance monitor section will be visible before submission.
If an FBAR request already exists for a year, the system pre-selects Yes for the question Do you want TFX to prepare FBAR (FinCEN 114)? and disables the No option in the corresponding TQ.
You cannot delete a TQ with an associated FBAR request without canceling the request first.
If you are filing through Streamlined Procedures (IRS amnesty program), FBARs will be filed manually by your assigned tax preparer.
Step 2. Make a payment
Before creating FBAR documents for you and your spouse, you must pay the FBAR filing fee or have it deducted from your TFX credits. To pay the bill, follow these steps:
A Pay bill pop-up will appear, prompting you to pay the initial invoice for the selected year.
If you paused and returned later, navigate to the Compliance monitor section and click Pay bill next to the selected year.
Enter your credit card information and click Pay $85.
For alternative payment methods like PayPal, bank wire transfer, ACH, or Wise, refer to the Payment options article.
Step 3. Ensure data completeness
The system checks if all required TQ questions for the selected year are complete:
If complete, the system directs you to the next step.
If incomplete:
The system directs you to a shortened version of the TQ with questions necessary for FBAR.
Once all required answers are provided and validated, click the All done button.
Note: if you do not have the necessary information at the moment, you can close this window by clicking ←Back and return later via the Compliance monitor section by clicking the Provide answers button.
Step 4. Approve your FBAR report
At this stage, the correct number of financial accounts will be displayed and the FBAR request for your spouse (if required) will be added in the Compliance monitor section.
After completing the previous steps, you will be asked to review and approve the generated FBAR report:
If you paused and returned later, navigate to the Compliance monitor section and click the View & approve button.
Carefully review the document:
If correct:
Click Approve - Proceed to filing to e-file the report with FinCEN.
The request status will be updated to Sent to FinCEN.
If incorrect:
Click Disapprove - Change provided information to update the necessary information.
The system will redirect you to a shortened version of the TQ.
After updating the information, click All done to finalize the changes.
A new report will be generated for approval.
Step 5. Make a payment for your spouse’s FBAR (if required)
According to FinCEN rules, one spouse may NOT have to file a separate FBAR as long as:
The spouse who doesn't file FBAR owns only joint accounts with the spouse who files FBAR, and
The spouse who files FBAR reports the jointly owned accounts on a timely filed FBAR.
In this case, there is no reason to duplicate a filing: a separate FBAR request for your spouse will NOT be created in our system, and you will not be charged for your spouse’s FBAR.
❗ Important note: if you are filing after the deadline, your spouse is required to file a separate FBAR, regardless of whether you and your spouse have only joint accounts.
A separate FBAR request (with an additional charge) will be created in our system if:
You are filing jointly with your spouse, and
Your spouse is a U.S. citizen or Green Card holder, and
The highest balance on all financial accounts during the year exceeds $10,000, and
You have no control over your spouse's foreign financial accounts and/or you have signatory authority over them.
To make a payment for your spouse's FBAR, follow these steps:
Once you provide answers in step 3, an FBAR request is created for your spouse with the status Requested, payment due, and a second invoice labeled “(spouse)” is added to the Bills & payments section.
In the Compliance monitor section, click Pay bill next to your spouse’s name.
Enter your payment details and click Pay $85.
Step 6. Approve your spouse’s FBAR report
After payment, you will be asked to review and approve the generated FBAR report for your spouse.
If you paused and returned later, navigate to the Compliance monitor section and click the View & approve button.
Carefully review the document:
If correct:
Click Approve - Proceed to filing to e-file the report with FinCEN.
The request status will be updated to Sent to FinCEN.
If incorrect:
Click Disapprove - Change provided information to update the necessary information.
The system will redirect you to a shortened version of the TQ.
After updating the information, click All done to finalize the changes.
A new report will be generated for approval.
Step 7: Wait for FinCEN confirmation
A confirmation of acknowledgment will be delivered in approximately 2-business days. 'Acknowledgment' is the final stage of the FBAR filing process. The Treasury does not 'accept' the report but merely buys it.
While you wait, you can view and download generated FBAR documents. Go to Documents → Documents TFX prepared → Tax returns → Tax year, and click on the eye 👁 icon.
Step 8. View your FBAR confirmation documents
Once FinCEN processes the request and sends a confirmation of acknowledgment, the FBAR request status will be updated to Filed and the confirmation documents will be uploaded. You can view them in:
Compliance monitor → FBAR.
Documents → Documents TFX prepared → Instructions & Confirmations.
Home page.
How to cancel the auto FBAR request
Canceling before payment
To cancel an FBAR request in the Requested, payment due status:
Navigate to Compliance monitor and click the trash bin 🗑 icon next to the request.
Confirm the cancellation by clicking Cancel request.
The system will delete the FBAR request and the associated unpaid invoice.
After the FRAR request is deleted, the answer to "Do you want TFX to prepare your FBAR?" on the questionnaire will still show as "Yes". You can leave a comment for your tax preparer that you canceled the auto FBAR request by hovering over the question and clicking Add comment.
Canceling after payment
If you need to cancel an FBAR request after payment, contact our Customer Success team. They will assist with removing the FBAR request, the paid invoice, and any unpaid additional invoices. The paid amount will remain as credits in your account.
❗ Important note: FBAR requests in Sent to FinCEN or Filed statuses cannot be deleted.
How to amend an FBAR submitted via your TFX account
If you submitted your FBAR using our auto-FBAR service and later realized that you forgot to include a foreign pension plan, cash-value life insurance, or reported an incorrect highest account balance during the year, you can request an amendment to the FBAR already submitted and accepted by the U.S. Treasury.
To amend your FBAR:
Update your answers in the Tax Questionnaire under Non-US Financial Accounts > Accounts List.
Contact our Customer Success team via chat, email, or phone.
Request the FBAR amendment service and provide a brief explanation of what needs to be corrected (e.g., missing account, incorrect balance, incorrect bank name, etc.).
Our team will assist you in updating and resubmitting your amended FBAR to the U.S. Treasury.
FBAR report statuses: Explanation and next steps
FBAR status | Explanation | Next steps |
Requested, payment due | You have requested the FBAR filing service via the Compliance Monitor section or a TQ.
| Pay the invoice for the FBAR filing service to allow us to proceed with preparing the FBAR document. |
Missing info | You have paid for the FBAR filing service with TFX. | Provide all required details about your foreign financial accounts, including retirement accounts. |
Pending approval — open prepared document | The FBAR report has been successfully created.
| Review the prepared FBAR document and approve it so we can submit it to the Treasury. |
Sent to FinCEN | The FBAR report has been submitted to the Treasury. | Wait for confirmation (Acknowledgment), which will be uploaded to your TFX account once it is processed. |
Filed | The FBAR report has been filed and successfully processed by the Treasury. | Access the confirmation (Acknowledgment) document, which has been uploaded to the Documents TFX prepared section. |
Related compliance requirements
FBAR data is also connected to additional tax obligations, such as Form 8938 (Statement of Specified Foreign Financial Assets). Unlike FBARs, which are filed with the U.S. Treasury, Form 8938 is attached to IRS Form 1040 (personal tax return). The reporting thresholds for Form 8938 depend on your filing status and residence. By providing a comprehensive list of foreign accounts in the Tax Questionnaire, TFX clients can ensure compliance with both FBAR and FATCA regulations.