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Winter Meeting May 10, 2017Time: 7:30pmCall in Number: 8772928255Date: 10May2017Conference ID: 8134252Board Members Paul Barbell Prescott Kernan Upjohn Graves Exec VP Kathryn KehoeMary Pat Flick TreasXSecXOpen
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BOAR stands for Bank Account Ownership Reporting, which is a requirement for individuals to report foreign bank accounts to the IRS if they meet certain criteria.
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US citizens, residents, and certain non-resident aliens are required to file BOAR if they have a financial interest in or signature authority over foreign bank accounts that exceed certain thresholds.
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The purpose of BOAR is to prevent tax evasion and money laundering by ensuring that individuals report their foreign financial accounts to the IRS.
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BOAR requires individuals to report detailed information about their foreign financial accounts, including the account number, name of the financial institution, and maximum account value.
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