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NANAK I O NA LA R T S C H O L A R S H I PA R TC H A R A C T E Rs NEWS O N O RS O C I E T I E SS E R V I C EA publication of the National Art Education Association 1806 Robert Fulton Drive, Suite 300,
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What is a r t s?
R T S stands for Report of Foreign Bank and Financial Accounts, a form required by the US Department of Treasury.
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US persons including citizens, residents, and entities must file an R T S if they have financial interest or signature authority over foreign financial accounts.
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R T S can be filled out online through the Financial Crimes Enforcement Network's (FinCEN) website.
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The purpose of R T S is to combat tax evasion by US persons holding foreign accounts.
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Information such as the account number, name on the account, type of account, and maximum account value during the year must be reported on R T S.
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