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T H E F I N A N C I A L A I D P R O C E S S A N D H O W T O A P LY201617 & 201718 FAFSA Application Process The Department of Educations Federal Student Aid (FSA) programs are the largest source of
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t h e f stands for Report of Foreign Bank and Financial Accounts (FBAR), which is a report required by the US Department of the Treasury to report foreign financial accounts.
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Any US person who has a financial interest in or signature authority over foreign financial accounts with an aggregate value over $10,000 at any time during the calendar year is required to file FBAR.
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FBAR can be filled out electronically through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing System. The form requires information about the account holder and details of the foreign financial accounts.
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The purpose of FBAR is to combat tax evasion and money laundering by US persons who hold financial accounts outside of the United States.
What information must be reported on t h e f?
FBAR requires the reporting of the maximum value of each foreign financial account during the reporting period, the country where each account is located, and the account number.
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