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P. E. 1. R 0 A D RUN N E R S MARATHON This will be the best Mara t hon ever held on P. E. I. ! Because it will be the first ever held on the Island. We can say that, of COU r SE, Yet our optimism
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r 0 a d stands for Report of Foreign Bank and Financial Accounts, which is a form used to report foreign bank and financial accounts to the IRS.
U.S. persons, including individuals, corporations, partnerships, trusts, and estates, who have 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 0 a d.
r 0 a d can be filled out electronically through the FinCEN BSA E-Filing System or by paper and mailed to the IRS.
The purpose of r 0 a d is to combat money laundering and tax evasion by providing the IRS with information about foreign financial accounts held by U.S. persons.
r 0 a d requires reporting the maximum value of each foreign financial account during the calendar year, the name and address of the financial institution where the account is held, and other identifying information about the account.
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