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Aprio Cloud Blog

What is the FBAR and do you have a filing requirement this year?

 

What is the FBAR?

Foreign tax filing requirements in the United States have become an increasingly hot topic as the IRS is seeking to crack down on tax evasion. One of the ways that the IRS is looking to help reduce this tax evasion is through the Report of Foreign Bank and Financial Accounts (FBAR). The idea behind this foreign reporting form is to force those with money in foreign financial accounts to disclose those balances to U.S. authorities.

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