Those who choose to keep money in foreign banks may need to file a Report of Foreign Bank and Financial Accounts Report (FBAR). The FBAR is a tool used by the federal government to identify persons who may be using foreign financial accounts and services to circumvent income tax reporting. If you have had, at any time during the calendar year, $10,001 or more in the aggregate of your foreign financial accounts, you must report, assuming you have met all other steps. If you are unsure as to whether you need to file the FBAR, consider seeking legal assistance. For more information on the FBAR, visit the IRS website.
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