A few selected groups of individuals have been allowed a 12-month extension to submit their Report on Foreign Bank and Financial Accounts (FBAR) by the IRS and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). A FBAR is the form a taxpayer must fill and submit to the IRS every year that declares a financial interest in or signature or other authority over, one or more financial accounts in foreign countries.
Financial accounts include bank accounts, securities, commodity futures, options accounts, insurance policies with cash values, annuities, mutual funds or other types of financial accounts in a foreign country that exceed $10,000 in total value at any time during the calendar year.
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