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What is j 505 r?
J 505 R is a form for reporting foreign financial accounts to the Internal Revenue Service (IRS).
Who is required to file j 505 r?
Any U.S. person with 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 is required to file J 505 R.
How to fill out j 505 r?
J 505 R can be filled out electronically using the FinCEN BSA E-Filing system. The form requires detailed information about the foreign financial accounts.
What is the purpose of j 505 r?
The purpose of J 505 R is to combat tax evasion by U.S. taxpayers who hold assets in foreign financial accounts.
What information must be reported on j 505 r?
J 505 R requires reporting of the account holder's name, address, account number, type of account, and maximum value of the account during the year.
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