Have a Financial Interest in or Signature Authority over a Foreign Financial Account? Better Read This!
Category: Friendly Reminders, Tax Central Tags: Taxes, Compliance Article Highlights: Reporting Threshold FBAR Filing Due Date Penalties Overlooked Accounts Each U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities, or other types of financial accounts in a foreign country) must report that relationship to the U.S. government each calendar year if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year. The government uses this reporting mechanism as a means of uncovering hidden foreign accounts and ensuring that investment income earned in foreign countries by U.S. taxpayers is included on their U.S. tax