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N e w s l e t t e r o f t h e R e g i o n an l S c i e n c e A s s o c i a t i o n I n t e r n a t i o n an l R R S A I R S S A A I August 2000 NEWS AND INFORMATION FROM THE EXECUTIVE DIRECTOR Beginning
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RSAI stands for Report of Foreign Bank and Financial Accounts, a form used to report foreign financial accounts to the IRS.
US persons with financial interest in or signature authority over foreign financial accounts exceeding certain thresholds are required to file RSAI.
RSAI can be filled out online through the Financial Crimes Enforcement Network (FinCEN) website.
The purpose of RSAI is to prevent tax evasion by US persons using foreign financial accounts.
RSAI requires reporting the maximum value of each foreign financial account during the year and the country where each account is located.
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