IRS issues fact sheet on reporting requirements for foreign financial accounts

The US Internal Revenue Service (IRS) has issued a fact sheet with the reporting requirements of US persons who own accounts in foreign financial institutions. The fact sheet is designated FS-2007-15 and was issued on 27 February 2007.

The fact sheet notes that the US Bank Secrecy Act requires US persons who own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, to file Form TD F 90-22.1 (Report of Foreign B…