Many taxpayers either are not aware of the requirement to file the FBAR or believe (1) they do not have an interest in, or authority over, (2) a financial account, (3) that is outside the U.
citizen, permanent resident or entity that has a financial interest in, or signature or other authority over, any financial account, including a bank, securities or other financial account in a foreign country, exceeding $10,000 in the aggregate at any time during a calendar year.
A: The definition of a financial account does not explicitly state that ownership of a specific security constitutes an "account.
The aggregate value of all foreign financial accounts
exceeds $10,000 at any time during the calendar year.
The form mandates disclosure of financial account information, along with the taxpayer's tax identification number.
person) having a financial interest in, or signature or other authority over, a bank, securities or other financial account in a foreign country shall report such relationship to the Commissioner of Internal Revenue for each year in which such relationship exists, and shall provide such information as shall be specified in a reporting form prescribed by the Secretary to be filed by such persons.
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citizens and residents who have financial interest in or signature of authority over any financial accounts
, including bank, securities, or other types of financial accounts
in a foreign country, if the aggregate value of these financial accounts
exceeded $10,000 at any time during 2001.
citizens and residents who have a financial interest in or signature or other authority over any financial accounts
(including bank, securities or other types of financial accounts
in a foreign country), if the aggregate value of such accounts exceeded $10,000 during 2002.