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FBAR History and authority: The FBAR form or what is technically referred to form TD F 90-22.1 is a reporting form and not a tax form. FBAR stands for Foreign Bank And Financial Accounts report. In 1970, Congress enacted the Bank Secrecy Act, which is codified in Title 31 (Money and Finance) of the U.S. Code. The Bank Secrecy Act (BSA), authorizes the Secretary of the Treasury to issue regulations requiring that financial institutions keep records and file reports on certain financial transactions. Who must file: Each person subject to the jurisdiction of the United States (except a foreign subsidiary of a U.S. person) having a financial interest in, or signature or other authority over, a bank, securities or other financial account in a foreign country shall report such relationship to the [IRS] for each year in which such relationship exists, and shall provide such information as shall be specified in a reporting form prescribed by the Secretary to be filed by such persons. According to the FBAR instructions, a person must file an FBAR if all of the following elements are met: (i) a U.S. person, (ii) had a financial interest in, or signature authority over, or other authority over (iii) one or more financial accounts (iv) located in a foreign country, (v) and the aggregate value of such account(s) exceeded $10,000, (vi) at any time during the calendar year. The exceptions to this reporting requirement:
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