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January 2010 Volume 16 Issue 1 R an n c h o S i m i T Ra i l B l an r s A Division of the Rancho Semi Foundation UPCOMING EVENTS Please visit the website at HTTP://simitrailblazers.com for details
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What is r a n c?
RANC stands for Report of Foreign Bank and Financial Accounts.
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Any United States person with a financial interest in or signature authority over foreign financial accounts must file RANC.
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RANC can be filled out online through the Financial Crimes Enforcement Network (FinCEN) website.
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The purpose of RANC is to report foreign financial accounts over a certain threshold to prevent tax evasion.
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RANC requires the reporting of the account holder's information, the account number, the name of the financial institution, and the maximum value of the account in the reporting period.
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