Inspired by the work of Janathan L. Allen, Allen Barron, Inc.
In an interconnected world, global opportunity comes with global responsibility. And if your business or personal finances extend beyond U.S. borders—even just a little—you may be exposed to complex U.S. reporting requirements and walking a tightrope without even knowing it.
In a powerful blog by Janathan L. Allen of Allen Barron, Inc., she breaks down what every U.S. taxpayer needs to understand about foreign financial account reporting, including FBAR compliance, IRS thresholds, and the risks of getting it wrong.
A Quick Primer: What You Need to Know
If you hold more than $10,000—combined—across foreign financial accounts at any time during the tax year, you are likely required to file the FBAR (Foreign Bank Account Report), also known as FinCEN Form 114.
This includes—but is not limited to—foreign:
- Bank and investment accounts
- Retirement or pension funds
- Business ownership stakes
- Insurance policies with cash value
- Cryptocurrency holdings and NFTs
Even if the account isn’t in your name—if you have signatory authority, you may still be required to report.
And the consequences of noncompliance?
They’re not just financial—they can be severe, including hefty penalties, interest, and even criminal charges.
Don’t Confuse FBAR with IRS Form 8938
While the FBAR is submitted to FinCEN, IRS Form 8938 is a separate disclosure for “specified foreign financial assets,” typically required when values exceed $50,000–$150,000 depending on filing status.
Both forms may apply. Neither is optional.
Compliance Isn’t Optional. Clarity Is Critical.
The IRS uses FBAR data to track unreported income, illicit activity, and foreign financial patterns. And global reporting agreements make enforcement more sophisticated by the year.
If you’re unsure about your exposure or don’t know whether your structure meets U.S. standards, don’t guess. This is where the right partner matters.
That’s why Upcraft Collective partners with Janathan L. Allen—an internationally renowned legal, tax, and accounting expert with deep experience in global compliance. Together, we help clients operate across borders with confidence, structure, and strategic clarity.
You’ve gotten this far for a reason.
You’ve got the vision.
The drive.
The scars.
You don’t need to overhaul everything at once—just know where to start.
At up*Craft Collective, we bring clarity, structure, and strategic execution to businesses that are ready to evolve.
Whether you’re scaling, stuck, or just getting started—we speak your language.