Full Form of FBAR
| Full Form: | Foreign Bank Account Report |
|---|---|
| Category: | Business & Finance |
| Sub Category: | Accounting |
What is FBAR Full Form?
FBAR is full form Foreign Bank Account Report
What is Foreign Bank Account Report?
Since foreign accounts are taxable, the IRS and U.S. Treasury have a very rigid process for declaring overseas assets. Any American citizen with foreign bank accounts totaling more than $10,000 in aggregate, or at any time during the calendar year, is required to report such accounts to the Treasury Department.