What you need to know
Certain definitions are critical when determining whether an obligation exists to file a “Report of Foreign Bank and Financial Accounts” (FBAR): The term “financial account” generally includes bank accounts, security accounts, security derivatives or other financial instruments accounts (including foreign mutual funds, debit cards or prepaid credit card accounts). The term also may include foreign hedge funds and foreign private equity funds. The term “U.S. person” means: a citizen or ...
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