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University of South DakotaUSD RED Dissertations and ThesesTheses, Dissertations, and Student Projects2023Promoting WellBeing Among Intercollegiate StudentAthletes: A Gratitude Intervention Using Positive
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USD red refers to the 'United States Department of the Treasury's Report of Foreign Bank and Financial Accounts' (FBAR), which is filed electronically to report foreign accounts.
U.S. citizens and residents who have financial accounts in foreign countries with an aggregate value exceeding $10,000 at any point during the calendar year are required to file USD red.
To fill out USD red, individuals must complete the FBAR form on the FinCEN's BSA E-Filing System, providing details about each foreign account, including account numbers, financial institutions, and maximum account values.
The purpose of USD red is to prevent tax evasion by U.S. citizens and residents who may be hiding money in foreign accounts, ensuring transparency in international financial dealings.
The information that must be reported on USD red includes the account holder's name, address, taxpayer identification number, the name and address of the foreign financial institution, account numbers, and the maximum value of each account during the reporting period.
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