Do you know when an FBAR must be filed?

Description

Abstract: If one 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, he or she must file FinCEN Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR). Because the Financial Crimes Enforcement Network and the IRS have been stepping up enforcement of foreign account reporting requirements, it’s critical to follow compliance rules. This article defines foreign financial accounts and explains how FBAR reporting can affect estate planning.