Okay in today's video we're going to discuss an extremely important topic this this is important because this is the reason that most of us and most expats abroad have started filing tax returns and coming into compliance today we're going to discuss the foreign bank account report also known as Vincent form 114 so if you're a US taxpayer make sure you watch this video for important rules related to the fr product requirements hi I'm Patrick Evans founder of US tax practice I'm a u.s. certified public accountant patience which on servicing US taxpayers here and in the rest of Europe and I'm in the business of helping fellow US taxpayers with their US tax preparation compliant foreign bank reporting and expatriation okay let's get started what is the foreign bank account report so the foreign bank account report is an informational report used to reporters of foreign financial assets do you have a financial interest in or signature authority over a foreign financial account putting a bank account brokerage account usual find trust or other type of foreign financial account the Bank Secrecy Act may require your reported account yearly by calling the Fr with the BSA e-filing system put it simply if you have a for account you may need to file okay so who must file the United States persons are required to file in a part if the United States person had a financial interest in or signature authority over at least one financial account located outside the United States and the aggregate value of all financial accounts exceeded notices foreign financial accounts exceeded $10,000 at any time during the calendar year reported the United States person includes US citizens US residents entities including but not limited to corporations partnerships limited liability companies created...
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Video instructions and help with filling out and completing Form 3520 Taxpayer
