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ARLINGTON H A HEIGHTS MARCH APRIL 2008 A.H.N.A. N E I G H B O R H O O D N E W S N E W S L E T T E R O F T H E A R L I N G T O N H E I G H T S N E I G H B O R H O O D A S S O C I AT I O N & V I E W
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What is a r l i?
A RLI 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 a r l i?
U.S. persons with financial interest in or signature authority over foreign financial accounts that exceed $10,000 at any time during the calendar year.
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The form can be filled out electronically on the FinCEN website using the BSA E-Filing system.
What is the purpose of a r l i?
The purpose is to combat money laundering, tax evasion, and other financial crimes by tracking and monitoring foreign financial accounts.
What information must be reported on a r l i?
Information such as the account holder's name, address, account number, and highest balance during the reporting period.
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