LICENSED CPA FIRM | TRUSTED ACCOUNTING PROFESSIONALS
With globalization of the economy, more and more people in the U.S. own bank or financial accounts which are located overseas. While there are many legitimate reasons to have foreign financial accounts, there are also responsibilities that go along with owning such accounts, as the owners of foreign financial accounts are required to report their accounts to the federal government even if the accounts do not generate any taxable income.
The Bank Secrecy Act requires any U.S. person who owns a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account to comply with these foreign financial account reporting requirements; Report of Foreign Bank and Financial Accounts (FBAR).