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Print + Online Media information 2024
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NICK 9Advertising rate card No. 61
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R oberf stands for Report of Foreign Bank and Financial Accounts (FBAR), it is a form used to report foreign financial accounts to the U.S. Treasury Department.
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U.S. persons, including citizens, residents, and entities, 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, are required to file FBAR.
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FBAR can be filled out electronically through the FinCEN's BSA E-Filing System. Detailed instructions on how to fill out the form can be found on the IRS website.
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The purpose of FBAR is to detect and combat tax evasion by U.S. persons who have foreign financial accounts and to promote transparency in international financial transactions.
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The FBAR form requires reporting the maximum value of each foreign financial account during the year, the account number, name on the account, account type, and the financial institution's name and address.
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