
Foreign Bank Account Holders Must File an FBAR by June 30 When Accounts Exceed $10,000 Per Year
For foreign bank account holders, if the aggregate maximum values of the foreign financial accounts exceed $10,000 at any time during the calendar year, account holders must file a timely FBAR report or face severe civil and criminal penalties. Information below provided by IRS FBAR Reference Guide. What is an FBAR? The Bank Secrecy Act (BSA) gives the Department of Treasury authority to collect information from United States persons who have financial interests in, or signat