If a taxpayer has a financial interest or signature authority over a foreign financial account (including a bank account, brokerage account, mutual fund, etc.) exceeding certain thresholds, the Bank Secrecy Act may require the taxpayer to report the account annually to the Treasury Department by electronically filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Form 114 supersedes TD F 90-22.1. Failure to report the necessary information may result in significant penalties.
This page provides members with valuable resources to comply with the rules.
|Checklists, Practice Guides, and Templates
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Reviewed March 29, 2017