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BDO STATE AND LOCAL TAX ALERT JUNE 2012 WWW.BDO.COM 1 ?SUBJECT FOREIGN FINANCIAL ACCOUNT REPORTING (FORM TD F 90-22.1) SHOULD BE RECEIVED BY JUNE 29, 2012 ?AFFECTING Any United States persons with

How to fill out foreign financial account reporting

How to fill out foreign financial account reporting:

1. Obtain the necessary forms: Begin by acquiring the required forms for foreign financial account reporting. This typically includes Form 114, also known as the Foreign Bank Account Report (FBAR), which can be obtained from the website of the Financial Crimes Enforcement Network (FinCEN). Additionally, determine if any other forms, such as Form 8938, the Statement of Specified Foreign Financial Assets, are required based on your specific situation.
2. Gather the relevant information: Collect all the essential details regarding your foreign financial accounts that need to be reported. This can include bank account numbers, account balances, and any other relevant financial information. Ensure that you have the necessary documentation to support the accuracy of the information provided.
3. Fill out the forms accurately: Carefully complete each section of the forms based on the instructions provided. Be thorough and ensure that all the required fields are filled out accurately. Provide all the requested information regarding your foreign financial accounts, including their location and any income generated.
4. Report account balances: Clearly report the balances of your foreign financial accounts in the designated sections of the forms. Take into account any currency conversions that may be necessary, ensuring that the valuations accurately reflect the applicable exchange rates.
5. Review and validate: After completing the forms, thoroughly review them to verify their accuracy. Cross-check all the information provided with the supporting documentation to ensure consistency. Mistakes or omissions could lead to delays or possible penalties, so it is crucial to be meticulous when reviewing the forms.
6. Submit the forms: Once you are confident that the forms are accurately filled out, submit them to the appropriate authorities. The submission process may vary depending on the specific reporting requirements of your jurisdiction. It may involve online submission, mailing the forms, or utilizing alternative methods as instructed by the relevant authorities.

Who needs foreign financial account reporting?

1. US citizens and residents: Any US citizen or resident, including those living abroad, who holds foreign financial accounts that meet the reporting thresholds specified by the Internal Revenue Service (IRS) must complete foreign financial account reporting.
2. Foreign nationals with US accounts: Non-US citizens with financial accounts in the United States that meet the specified reporting requirements also need to complete foreign financial account reporting.
3. Entities with foreign accounts: Certain entities, such as corporations, partnerships, and trusts, may also be subject to foreign financial account reporting if they hold foreign financial accounts that meet the reporting thresholds.
4. Reporting thresholds: The reporting thresholds vary depending on the filing status and whether an individual is living in the United States or abroad. It is crucial to consult the IRS guidelines or seek professional advice to determine if your specific foreign financial accounts require reporting.

For pdfFiller’s FAQs

What is foreign financial account reporting?

Foreign financial account reporting is the requirement for individuals and entities to report their foreign financial accounts to the government.

Who is required to file foreign financial account reporting?

US taxpayers including individuals, corporations, partnerships, and trusts are required to file foreign financial account reporting if they have a financial interest in or signature authority over foreign financial accounts.

How to fill out foreign financial account reporting?

Foreign financial account reporting can be filled out electronically through the FinCEN's BSA E-Filing system.

What is the purpose of foreign financial account reporting?

The purpose of foreign financial account reporting is to combat money laundering, tax evasion, and other financial crimes by providing the government with information on foreign financial accounts held by US taxpayers.

What information must be reported on foreign financial account reporting?

Foreign financial account reporting requires the disclosure of the account holder's personal information, details of the foreign financial accounts, and any income generated from those accounts.

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