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Reporting FBAR to Disclose Foreign Accounts
Reporting foreign bank and financial accounts has become more complicated over the past 5 to 10 years. With the globalization of the US economy, there are more permanent residents, visa holders, and dual citizens than ever before with many different types of foreign account and asset tax and reporting requirements. Let’s look at some of the reporting requirements for foreign accounts and assets to the IRS on the annual FinCEN Form 114.