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Ru l i EF n for Re Kansas Mennonite Relief Sale 5K Run and Walk Saturday, April 12, 2014, 8:00 AM Rice Park, Hutchinson, KS 2014 Join in the fun and help those in need... Be a part of the 2014 Run
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What is l i ef?
l i ef stands for Report of Foreign Bank and Financial Accounts (FBAR). It is a form required by the IRS to report foreign financial accounts.
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Any U.S. person who has 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 is required to file l i ef.
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l i ef can be filled out electronically through the FinCEN BSA E-Filing System. Detailed instructions can be found on the IRS website.
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The purpose of l i ef is to combat tax evasion by ensuring that U.S. persons report their foreign financial accounts and comply with U.S. tax laws.
What information must be reported on l i ef?
l i ef requires the reporting of the maximum value of each foreign financial account during the calendar year, the account number, the name on the account, the foreign financial institution's name and address, and other specific information.
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