The Bank Secrecy Act Requires a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR)

Lawyer4audits.com
By Lance Wallach

U.S. persons to avoid taxes by hiding money offshore. The FBAR covers a calendar year and must be filed no later than June 30th of the following year and includes any interest a U.S. person has. The Bank Secrecy Act requires that a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), be filed if the aggregate balances of such foreign accounts exceed $10,000 at any time during the year.

This form is used as part of the IRS’s enforcement initiative against abusive offshore transactions and attempts by

· Offshore bank accounts;
· Offshore mutual funds;
· Offshore hedge funds;
· Offshore variable universal life insurance policies;
· Offshore variable annuities a/k/a Swiss Annuities;
· Debit card and prepaid credit card offshore accounts.

The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.

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