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).