Bill is a tax preparer and is meeting with a potential new client with a large savings account in Germany. In his advising of his client, which of the following statements are true? A: A The potential new client has an obligation to report the existence of the account under the FBAR reporting requirements. B The potential new client must prepare and file FinCen Form 114. C The potential new client must complete Schedule B, Part III indicating he has a foreign account. D All of these answer choices are correct.
D All of these answer choices are correct. Explanation: A The potential new client has an obligation to report the existence of the account under the FBAR (Foreign Bank and Financial Accounts Report) reporting requirements if the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year. B The potential new client must prepare and file FinCEN (Financial Crimes Enforcement Network) Form 114, which is the specific form used to report foreign bank and financial accounts to the U.S. Department of the Treasury. C The potential new client must also complete Schedule B, Part III of their IRS Form 1040 tax return if they have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or other financial account) in a foreign country, and the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year. Therefore, all of the statements are correct and the client must comply with all the mentioned reporting requirements.
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