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2011 6.5 5 www.HJclass.com www.HJclass.com www.HJclass.com 1 7
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COM 1 7 is a form used for reporting information regarding foreign bank accounts to the IRS.
Any United States person with a financial interest in or signature authority over one or more foreign financial accounts must file COM 1 7.
COM 1 7 can be filled out electronically through the BSA E-Filing System or manually by submitting a paper form to the IRS.
The purpose of COM 1 7 is to report information on foreign financial accounts held by U.S. persons in order to comply with the Bank Secrecy Act.
COM 1 7 requires the reporting of the account holder's personal information, the account number, the name and address of the foreign financial institution, and the maximum account value during the reporting period.
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