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CRETE COEUR SCHOOL DISTRICT NO. 76 BOARD OF EDUCATION SPECIAL MEETING SEPT 7, 2011 400 N. HIGHLAND AVENUE, CRETE COEUR, ILLINOIS LITCHFIELD BUILDING. B. C. D. E.CALL TO ORDER 5:30 P.M. (Chuck Thomas)
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Letters from an American is a document required by the IRS to report any financial interest in or signature authority over foreign financial accounts.
US taxpayers who have 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.
The form for reporting letters from an American is FinCEN Form 114, also known as the FBAR. It can be filed electronically through the Financial Crimes Enforcement Network's BSA E-Filing System.
The purpose of letters from an American is to prevent money laundering and tax evasion by ensuring that all foreign financial accounts are properly reported to the IRS.
Information such as the account holder's name, address, account number, financial institution's name, and maximum value of the account during the reporting period.
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