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Sierra County Board of SupervisorsAgenda Transmittal record of ProceedingsTYPEOFAGENDAITEM: Regular Timed Consent DEPARTMENT:DepartmentofPublicWorksandTransportation APPROVINGPARTY:Time. Bears, Director
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Golden Rays ROP stands for Report of Foreign Bank and Financial Accounts (FBAR) which is used to report foreign financial accounts to the US Department of Treasury.
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US persons including citizens, residents, and entities must file FBAR if they have a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the year.
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Golden Rays ROP can be filled out electronically through the BSA E-Filing System on the FinCEN website.
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The purpose of FBAR is to combat tax evasion by US persons using foreign accounts to hide assets and income.
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The FBAR form requires reporting the maximum value of each foreign account during the year, the account number, name on the account, and the financial institution's name and address.
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