Now Reading: US warns H-1B, green card holders on FBAR by Oct 15
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US warns H-1B, green card holders on FBAR by Oct 15
Indian workers and green card holders in the US who had combined balances exceeding $10,000 in Indian financial accounts at any point in 2025 must file FBAR documentation with the IRS by October 15. The requirement under the Foreign Bank and Financial Accounts rules applies to accounts including NRE, NRO, fixed deposits, demat accounts and certain retirement arrangements.
The original filing deadline for the 2025 calendar year was April 15, 2026, with an automatic extension to October 15. The $10,000 threshold applies to the combined value of all reportable foreign accounts, not each account individually. Failure to file can attract civil penalties: $16,536 for non-willful violations and $165,353 or 50% of the account balance, whichever is greater, for intentional violations.
Indian Opinion Analysis
The October 15 deadline creates a compliance crunch for thousands of Indian professionals on H-1B, L-1 and O-1 visas, as well as green card holders, who may not realise that joint accounts and non-interest-bearing accounts count toward the $10,000 threshold. The IRS distinguishes sharply between non-willful and willful violations, and the steep penalty gap, $16,536 versus up to $165,353 plus half the balance, puts a premium on filing even if the taxpayer believes no tax is owed. The key open question is how many filers will miss the extension and face penalties.
Source: deccanchronicle.com
This brief was synthesised by AI from the source linked above. Methodology and corrections.
