Report of Foreign Bank and Financial Accounts (FBAR)
The Office of Chancellor Tax department files Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), on behalf of the Minnesota State Colleges & Universities system. If a MnSCU school opens any foreign bank account during the calendar year, they must contact the Tax department prior to June 1st of the next calendar year. The following information is provided for MnSCU employees who may be required to file Form TD F-90-22.1 due to having signature authority over a MnSCU international bank account . Please consult your tax advisor to determine your personal tax responsibility.
If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund or other type of financial account, then you may be required to report the account yearly to the Department of the Treasury. Under the Bank Secrecy Act, each United States person must file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if:
- The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country, and
- The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
A United States person is not prohibited from owning foreign accounts but civil and criminal penalties may apply for failures to properly file FBARs when required. The information reported on an FBAR may be used for governmental purposes, including law enforcement and tax compliance purposes.
FBAR Assistance
Help in completing Form TD F 90-22.1 is available from the Internal Revenue Service at (800) 800-2877, option 2. The form is available online at IRS.gov or by telephone at (800) 829-3676. Questions regarding the FBAR can be sent to FBARquestions@irs.gov.
For further information on Foreign Bank Account Reporting (FBAR), please visit these IRS website links:
