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'piStlEUWAREF 'Cellular.IHSFEBI3 PH!2:S8 February 6,2019Hon. Kathleen H. Burgess Secretary to the Commission, New York State Public Service Commission Empire State Plaza, Agency Building 3 Albany,
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FBAR, or Foreign Bank Account Report, is a form that U.S. taxpayers must file if they have financial interest in or signature authority over foreign financial accounts exceeding certain thresholds.
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U.S. citizens, residents, and entities including corporations, partnerships, and trusts that have foreign financial accounts worth more than $10,000 in total at any point during the calendar year must file FBAR.
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FBAR is filed electronically through the FinCEN's BSA E-Filing System. You will need to provide information about your foreign accounts, including account numbers, names of banks, and maximum account balances.
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The purpose of FBAR is to prevent tax evasion and to ensure that U.S. taxpayers report foreign financial accounts to the IRS.
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The information required includes the account number, account type, the name and address of the foreign bank, and the maximum balance of the account during the reporting period.
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