The Foreign Bank Account Reporting is part of FATCA (Foreign Account Tax Compliance Act)
The law states that US citizens and Green Card holders must report bank accounts held offshore if the highest balance of those accounts, when added together exceeds $10,000 or more at any time during the tax year.
Reporting includes the name and address of the bank, the account number, the highest balance during the year, and the names on the account.
Which offshore bank accounts do I need to include?
What's the easiest way to check if I need to file?
Gather monthly statements for each bank account that you need to include Look through the statements for the highest balance in the tax year and write it down Once you have been through every statement add up the highest balances If the total number is over USD $10,000 then you need to file an FBAR.
How do I file?