Foreign Bank Account Disclosures for Individuals

US individuals (citizens and tax residents) are required to disclose (1) the existence of any foreign financial accounts in which they had a financial interest, or over which they had signature authority, during the previous calendar year, (2) whether they are required to file FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) and (3) the countries in which such accounts were located.

Regardless of whether you must file an FBAR, you must disclose if you had a financial interest in or signature authority over, a foreign financial account. This information is disclosed on Part III of Form 1040 US Individual Income Tax Return, Schedule B.

Please contact Martini, Iosue & Akpovi by phone at (818) 789-1179 if you have questions or want more information.

 

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