Foreign bank accounts reporting | Wallace, Plese + Dreher

Foreign Financial Account Reporting and FBAR

Written November 2, 2020 by Barbara Dillon

Categories: FBAR, Foreign assets, Foreign Financial Accounting, Foreign financial reporting, Income tax, International, report of foreign bank and financial accounts, Tax, Taxes

Every year, under federal law, taxpayers must report certain foreign financial accounts to the Treasury Department. Whether the account produced taxable income has no effect on whether the account is a foreign financial account for FBAR purposes.

Tag: Foreign bank accounts reporting