Get the free The Foreign Bank Account Report (FinCEN Form 114) at 51
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APPENDIX I PARACHUTING RECORD REGISTRATION FORM (F114) 1.CATEGORY (mark an \'X\' beside appropriate record claim category)Competition Record Categories A1B A2A B1A B1B C1 C3 C4 C5 C6D1 D2 D3 D5 I1A
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What is the foreign bank account?
A foreign bank account is an account held at a financial institution outside of the account holder's country of residence.
Who is required to file the foreign bank account?
U.S. citizens, residents, and entities who have foreign bank accounts that exceed a certain threshold are required to file the foreign bank account report (FBAR).
How to fill out the foreign bank account?
The foreign bank account report (FBAR) must be filled out using FinCEN Form 114 and can be submitted electronically through the BSA E-Filing System.
What is the purpose of the foreign bank account?
The purpose of reporting foreign bank accounts is to prevent tax evasion and to ensure compliance with U.S. tax laws.
What information must be reported on the foreign bank account?
The report must include details such as the account number, account balances, the name and address of the bank, and the account holder's information.
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