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Volume 41 Number 1 Spring 2014 THE CATTLE CALL N e w s l e t t e r f o r A l u m n i o f t h e T C U R an n c h M an n a g e m e n t P r o g r an m F r o m t h e P r e s i d e n t C h a d M c C o
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What is r a n c?
r a n c stands for Report of Foreign Bank and Financial Accounts. It is a report required by the US Department of Treasury to report foreign financial accounts.
Who is required to file r a n c?
US persons with 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 r a n c.
How to fill out r a n c?
r a n c can be filled out online through the Financial Crimes Enforcement Network (FinCEN) website or by submitting Form 114 via mail.
What is the purpose of r a n c?
The purpose of r a n c is to combat tax evasion and money laundering by providing the US government with information about foreign financial accounts held by US persons.
What information must be reported on r a n c?
Information such as account numbers, names of foreign financial institutions, maximum account values, and the types of accounts must be reported on r a n c.
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