The IRS recently released a Report of Foreign Bank and Financial Accounts (FBAR) Reference Guide (“Guide”). The Guide is intended to assist U.S. persons and tax professionals in properly preparing and filing FBARs. The Guide also aids IRS personnel in equitably administering FBAR examinations and penalty programs. Generally speaking, U.S. persons are required to file an FBAR if the person had a financial interest in or signature authority over at least one financial account located outside the U.S. and the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported. FBARs must be filed on or before June 30th of the year following the calendar year being reported and they must be filed electronically through FinCEN’s BSA E-Filing System.
IRS Releases FBAR Reference Guide
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