“Report of Foreign Bank Financial Accounts” with “the Financial Crimes Enforcement Network”- Treasury Department.

WHO MUST FILE “REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS”.

 Forms with Financial Crimes Enforcement Network-Treasury Department.

• Any person (or acting as an agent, nominee or attorney), partnership, corporation (with a US shareholder owns greater than 50% of the corporation) or trust living or based the United States . This includes all nationalities, permanent residents or citizens.

Why must they file these forms “ANNUAL REPORT”?

• If they have any foreign bank accounts, securities, security derivatives, assets stock and bonds, cash accounts greater than $10,000 outside the US .

When and where must they file?

• On or before June 30 of the succeeding year each fiscal year with the Department of the Treasury.

Do I have to file this Report with Federal Tax Return?

• No, it is prepared separately and mailed to the Department of the Treasury in Detroit , Michigan .

How Can I file these three forms with the Department of the Treasury?

• Call 714-965-1950 and our Accounting Firm will help you with the three Forms required; bring all documentation of all accounts, ASSETS (with the exception of real estate properties you owned).

What are the Penalties for not filing?

• Criminal Penalties occur for Failure to file a report, Supply Information and for filing a false or fraudulent report, see 31 USC 5322(a), 31 USC 4322(b), and 18 USC 1001 (includes jail time).

Do I have to file the requested “Report of Foreign Bank and Financial Accounts” even I have to file “Foreign Earned Income” (Form 2555)?

• Yes, If you have to file form 2555, you also have to file this report separately.