Report of Foreign Bank and Foreign Accounts to FinCen
Who needs to report a foreign bank account? Reporting Foreign Bank Accounts (FBAR) The law requires owners of foreign financial accounts to report their accounts to the U.S Treasury Department, even if the accounts don’t generate any taxable income. Account owners need to report accounts by the April 15(or extended May 17th deadline for 2021) due date following the calendar year that they own a foreign financial account. The U.S. government requires individuals to report foreign financial accounts because foreign financial institutions may not be subject to the same reporting requirements as domestic ones. Who needs to report: a person with financial interest, or monetary gain, in, signature authority or other authority over one or more accounts in a foreign country, and a person with the sum of all foreign financial accounts exceeds $10,000 at any time during the calendar year. A U.S. person is a citizen or resident of the United States...
