Foreign bank owner filing requirement.

• Position: IRS News

U.S. taxpayers who own a foreign bank account, brokerage account, mutual fund, unit trust or other financial account are required to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts if:

* They have financial interest in, signature authority or other authority over one or more accounts in a foreign country; and

* The aggregate value of all foreign financial accounts exceeds $10,000 at any...