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21st Annual Health Sciences Tax Conference FAR breakfast forum 6 December 2011Disclaimer Any US tax advice contained herein was not intended or written to be used, and cannot be used, for the purpose
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FBAR stands for Foreign Bank Account Report. The FBAR is a form used to report a financial interest in or signature authority over foreign financial accounts. It is not specifically related to breakfast forum.
Any United States person who has a financial interest in or signature authority over foreign financial accounts and meet the reporting threshold is required to file FBAR.
The FBAR can be filled out electronically through the Financial Crimes Enforcement Network (FinCEN) website or by mailing a paper form to the Department of the Treasury. The form requires information about the filer's foreign financial accounts.
The purpose of the FBAR is to help the government identify individuals who may be using foreign financial accounts to evade taxes or engage in other illegal activities.
The FBAR requires reporting of the maximum value of each foreign financial account during the reporting period, as well as information about the foreign financial institution where the account is held.
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