If you possess signature authority or share financial interests in a foreign financial account, the Bank Secrecy Act requires you to submit annual account reports to the Department of Treasury. TheCPATaxProblemSolver specialize in foreign bank account reporting. We have years of experience in FBAR and FinCEN filings.
UNDERSTANDING FOREIGN BANK ACCOUNT REPORTING
Foreign bank account includes all accounts held by an international assignee. On a basic level, it might be a checking or savings account maintained with a branch of a financial institution. The institution is physically located outside the United States.
However, the definition may be broader than this. The accounts may refer to whole life insurance accounts, brokerage accounts, mutual funds, trust funds, and other types of foreign retirement accounts.
Any U.S. person is subject to these foreign account reporting rules. This includes all citizens and residents, as well as legal entities like partnerships and corporations created under United States laws.
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