Understanding FBAR in 2024(Foreign Bank Account Report): A Complete Guide with Examples, Calculator Inside
The Foreign Bank Account Report (FBAR) is a mandatory filing requirement for U.S. persons who have financial interests in or signature authority over foreign financial accounts exceeding $10,000 in aggregate at any point during the calendar year. Established under the Bank Secrecy Act (BSA), the purpose of the FBAR is to deter tax evasion and…
