Taxpayers are required to maintain information on their foreign bank accounts so that they may be inspected. This is mandated by the Bank Secrecy Act of 1970, codified in 31 § 5311 of the U.S. Code. More specifically, U.S. citizens are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if (a) he has a financial interest (or signature authority) over financial accounts that are located outside the United States, and (b) the aggregate value of those accounts exceeds $10,000 at any time during the year. The records that must be maintained have to include the following information: the name on each account, the account numbers, the name and address of the foreign bank, the account type, and the “watermark” for the year (the maximum amount the account reached that year).
Do I have to maintain information on overseas bank accounts was last modified: March 17th, 2016 by David Klasing