Do you know if you have any foreign accounts with an aggregate value higher than $10,000 at any time during the calendar year?
U.S. taxpayers are required to report on foreign assets or investments they hold in offshore accounts. Under the Bank Secrecy Act, you may be required to e-file what is known as the Foreign Bank and Financial Accounts Report (FBAR) directly with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department.
The FBAR is an annual report and must be received by the Department of the Treasury on or before April 15 of the year following the calendar year being reported.
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