The FBAR reporting requirement mandates that U.S. persons (including individuals, corporations, partnerships, trusts, and estates) must report foreign financial accounts if the aggregate value of all foreign accounts exceeded $10,000 at any time during the calendar year. The report must be filed electronically with the Financial Crimes Enforcement Network (FinCEN) by April 15th of the following year. Failure to file the FBAR can result in severe civil and criminal penalties. For tax year 2025, the aggregate value threshold is $12,500 (https://www.irs.gov/pub/irs-drop/rp-24-40.pdf).