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THE REGIONAL MUNICIPALITY OF YORK POLICE SERVICES BOARD REPORT OF THE CHIEF OF POLICE 25 APRIL 2012 Photo Radar RECOMMENDATION 1. That the Board receive this report for its information. SYNOPSIS On
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YRPSB stands for Yearly Report of Specified Foreign Financial Assets. It is a form required by the IRS to report certain foreign financial assets.
U.S. persons including citizens, residents, and certain non-resident aliens who have specified foreign financial assets that exceed certain thresholds are required to file YRPSB.
YRPSB can be filled out electronically using the IRS e-file system or by mailing a paper form to the IRS. Detailed instructions are provided on the IRS website.
The purpose of YRPSB is to help the IRS identify individuals who may be hiding assets overseas and to enforce reporting requirements related to foreign financial assets.
YRPSB requires information about the type and value of specified foreign financial assets that an individual holds, as well as information about foreign accounts.
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