Which statement about the FBAR is false?

The statement that the FBAR must be filed with the IRS is incorrect. The Foreign Bank Account Report (FBAR), officially known as FinCEN Form 114, is actually filed with the Financial Crimes Enforcement Network (FinCEN), not the Internal Revenue Service (IRS). This distinction is crucial because the FBAR is specifically designed for reporting foreign financial accounts to prevent tax evasion and ensure compliance with U.S. financial regulations.

In contrast, the other statements reflect accurate aspects of the FBAR filing process. Each individual foreign financial account must be reported, provided the aggregate value exceeds $10,000 at any point during the calendar year, highlighting the report's focus on account holdings. Additionally, while an extension for filing the FBAR is not guaranteed for all taxpayers—only those who request an extension are afforded such—and must adhere to specific guidelines, it is common for taxpayers to be aware of this process. Understanding where and how FBAR forms are filed is essential for compliance and avoiding potential penalties.