Foreign Bank Account Reporting

Foreign Bank Account Reporting

If you are a US citizen with a a foreign bank account or financial assets in any other country, in addition to filing for income tax return, you must also file a Foreign Bank and Financial Account Report (FBAR). The FBAR form (FinCEN Form 114) must be filed electronically with the US Treasury Department (not the IRS) only if you have one or more overseas financial accounts and the combined value of all your financial accounts is $10,000 or more at any time during the tax season.

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