{"id":1898,"date":"2026-02-21T22:47:38","date_gmt":"2026-02-22T03:47:38","guid":{"rendered":"https:\/\/choattorneys.com\/?p=1898"},"modified":"2026-03-06T15:29:35","modified_gmt":"2026-03-06T20:29:35","slug":"fbar-fatca-overseas-asset-reporting-korean","status":"publish","type":"post","link":"https:\/\/choattorneys.com\/en\/2026\/02\/21\/fbar-fatca-overseas-asset-reporting-korean\/","title":{"rendered":"Reporting foreign assets (FBAR\/FATCA): Tax obligations that one person can easily miss"},"content":{"rendered":"

U.S. citizens and permanent residents are required to file a Foreign Bank Account Report (FBAR) if the balance in any foreign financial account exceeds $$10,000 at any time during the year, and may be subject to penalties of up to $$100,000 or more for failure to file.<\/strong> This is one of the most common tax obligations missed by Korean Americans who maintain savings, insurance, and stock accounts in Korea.<\/p>\n

FBAR vs FATCA: The Differences<\/h2>\n\n\n\n\n\n\n\n
Item<\/th>\nFBAR (FinCEN 114)<\/th>\nFATCA (Form 8938)<\/th>\n<\/tr>\n
Jurisdictions<\/td>\nDepartment of the Treasury (FinCEN)<\/td>\nInternal Revenue Service (IRS)<\/td>\n<\/tr>\n
Reporting criteria<\/td>\nCombined balance exceeds $10,000<\/td>\n$ Over $50,000 (Individual, U.S. resident)<\/td>\n<\/tr>\n
How to submit<\/td>\nBSA E-Filing (Online)<\/td>\nFile with your tax return<\/td>\n<\/tr>\n
Deadlines<\/td>\nApril 15 (automatically extended to October 15)<\/td>\nSame as tax filing deadline<\/td>\n<\/tr>\n
Failure to file penalty<\/td>\nAccidental: up to $10,000\/report (Bittner v. US, 2023 - imposed per report, not per account); willful: up to $100,000 or 50% of the balance, whichever is greater<\/td>\n$10,000~$50,000<\/td>\n<\/tr>\n<\/table>\n

Important<\/strong>: The two reports are separate obligations and must be submitted separately if both are applicable.<\/p>\n

Korean accounts that a single person must report<\/h2>\n