There are certain requirements for the reporting of Foreign Bank and Financial Accounts, also referred to as FBAR. Recently, I was asked, where did the Department of Treasury obtain authority to require such reporting and obtain information on certain accounts those holding signature authority or an interest in such account. The Bank Secrecy Act (BSA) is the act that gives authority to the Department of Treasury to require reporting and the compilation of information. The video below has been prepared by John McGuire, a tax attorney in Denver, Colorado at The McGuire Law Firm.
If you have questions regarding your requirements to report foreign accounts or assets, contact The McGuire Law Firm to schedule a free consultation with a tax attorney in Denver, Colorado.