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AGREEMENT BETWEEN THE BOARD OF SCHOOL TRUSTEES OF THE RIVER FOREST COMMUNITY SCHOOL CORPORATION AND THE RIVER FOREST TEACHERS ASSOCIATION July 1, 2015, through June 30, 2016 1 Table of Contents Article

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What is rfcsc?

RFCSC stands for Report of Foreign Bank and Financial Accounts. It is a form used to report foreign financial accounts to the IRS.

Who is required to file rfcsc?

Any United States person who has a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year must file RFCSC.

How to fill out rfcsc?

RFCSC can be filled out electronically through the FinCEN BSA E-Filing System or by completing and mailing in form FinCEN 114 to the IRS.

What is the purpose of rfcsc?

The purpose of RFCSC is to prevent tax evasion and money laundering by ensuring that individuals disclose their foreign financial accounts to the IRS.

What information must be reported on rfcsc?

Information such as the name of the financial institution, account number, maximum value during the year, and the country where the account is located must be reported on RFCSC.

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