Page 19 - Sotomayor CPAs Presentationt

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).