FBAR – Domestic Corporations and Foreign Accounts

In the IRS Workbook on the Report of Foreign Bank and Financial Accounts, the IRS advised that a domestic (e.g., NY) corporation that has foreign accounts:

1. The corporation must file a FBAR for the corporations’ accounts.
 
2. A majority shareholder (over 50% of the value of the stock), must also file a FBAR.

For a domestic corporation with foreign accounts, both the corporation and the majority shareholder must each file a FBAR to report the foreign account (owned by the domestic corporation).

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