Page 19 - Sotomayor CPAs Presentationt
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2. Report of Foreign Banks &                                                                               FinCEN Form 114, Pg. 1

                                  Financial Accounts





                If a U.S. taxpayer has a financial interest in or

                signature authority over a foreign financial


                account, including a bank account, brokerage


                account, mutual fund, trust, or any other type of

                foreign financial account, exceeding certain


                thresholds, the Bank Secrecy Act requires the U.S.

                taxpayer to report the account yearly to the


                Department of Treasury by electronically filing a


                Financial Crimes Enforcement (FinCEN) Form 114,

                Report of Foreign Bank and Financial Accounts


                (FBAR).
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