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The Vancouver Island Bonsai Society NEWSLETTER August 2015 Next Society meeting: Monday, August 17th, 2015 7:00 pm at Lovelier Pavilion, HCP Contents: Last meeting 2 Bonsai 201 3 Bonsai thoughts 4
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What is bonsai 201?
Bonsai 201 is a form used for reporting information to the IRS regarding certain transactions related to foreign financial accounts.
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US persons, including individuals, corporations, partnerships, and trusts, who have a financial interest in or signature authority over foreign financial accounts exceeding certain thresholds.
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Bonsai 201 can be filled out electronically through the Financial Crimes Enforcement Network (FinCEN) website.
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The purpose of bonsai 201 is to help the IRS identify individuals who may be using foreign financial accounts to evade taxes.
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Information such as the account number, name and address of the financial institution, and the maximum value of the account during the reporting period must be reported on bonsai 201.
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