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HUD Heartland News U S De p an r t m e n t o f Ho u s i n g an n d U Rb an n De v e lo p m e n t S i o u × F an l s, So u t h The k o t a Fie l d O ff i affordable Housing in South Dakota By: Roger
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US Dep stands for Report of Foreign Bank and Financial Accounts (FBAR), which is a form used to report a financial interest in or signature authority over foreign financial accounts.
Any United States person who has 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 must file a FBAR.
The FBAR can be filed electronically through the Financial Crimes Enforcement Network (FinCEN) website. It requires detailed information about the foreign financial accounts, including the maximum value of each account during the reporting period.
The purpose of the FBAR is to combat tax evasion and money laundering by ensuring that individuals report their foreign financial accounts to the IRS.
The FBAR requires the disclosure of the account number, name on the account, name and address of the foreign financial institution, type of account, and maximum value of the account during the reporting period.
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