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April 30, 2011

FBAR: Foreign Bank (and Financial) Account Reporting Rules Expanded With Higher Penalties

U.S. citizens, residents, and entities must report their non-U.S. bank and securities accounts each year by June 30 using Form TD F 90-22.1. Reporting is required by a U.S. entity much if it has no activities in the U.S. Persons with signature authority over foreign accounts must report. Controlling owners of entities must also file reports.
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