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Glenda an If or iii joint CITY OF GLENDALE, CALIFORNIA REPORT TO THE: City Council Housing Authority Successor Agency Oversight Boarded Glendale Financing AuthorityLIDecember 11, 2018 AGENDA ITEM
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c a i if stands for Foreign Bank and Financial Accounts Report, it is a form used to report foreign financial accounts.
US persons, including individuals, corporations, partnerships, and trusts, 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 c a i if form can be filled out online through the FinCEN website or by mail. It requires information about the account holder, the account itself, and details about the foreign financial institution.
The purpose of c a i if is to prevent tax evasion by US persons using foreign financial accounts to hide income and assets.
Information such as the name and address of the financial institution, the account number, the type of account, and the maximum value of the account during the year.
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