Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts” (commonly known as the “FBAR”), is an annual report that “U.S. persons” are required to file to disclose financial interests, or signatory or similar interests, in foreign bank and financial accounts (“foreign accounts”).
FBAR: Challenges for Clients and Firms Alike
The FBAR is not filed with the tax return, discloses no information about the income derived in a foreign account, and is not used for calculating any tax obligations. Yet the IRS has converted the FBAR from a minor information report to a primary tool for pursuing hidden bank accounts.
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