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28 531 is the form number for reporting certain information regarding foreign bank accounts and financial assets to the Internal Revenue Service (IRS).
United States taxpayers who have a financial interest in or signature authority over foreign bank accounts, securities, or other financial accounts with a total value exceeding $10,000 at any time during the calendar year are required to file Form 28 531.
Form 28 531 can be filled out electronically using the FinCEN BSA E-Filing System or by submitting a paper form by mail to the Financial Crimes Enforcement Network.
The purpose of Form 28 531 is to combat tax evasion by ensuring that taxpayers disclose their foreign financial accounts and assets to the IRS.
Taxpayers must report details of their foreign financial accounts, including the account numbers, financial institutions, and maximum value of the accounts during the year.
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