NOTE: This headliner is current through the publication date. Since changes may have occurred, no guarantees are made concerning the technical accuracy after the publication date.

Headliner Volume 265
April 2, 2009

FBAR Reporting by Persons with Only Signature Authority or Other Comparable Authority

The IRS has received questions about Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (PDF) or FBAR. Many of these questions have been from people who have signature authority, or other authority that is comparable to signature authority, over foreign accounts but who do not have a financial interest in the account(s).

Persons who have a financial interest in one or more foreign financial accounts and persons who only have signature authority, or other authority that is comparable to signature authority, over foreign financial accounts, if the aggregate value of these financial accounts exceeds $10,000 during the calendar year, must complete the FBAR.

Persons who have such signature authority over fewer than 25 financial accounts must fully complete Part IV of the FBAR. If any of the required information is unavailable, then that person should attach a statement explaining why the information is not available.

Persons with such signature authority over 25 or more foreign financial accounts must complete the FBAR in the following manner:

• Complete Part 1 of the FBAR, check the “Yes” box in Item 14, and enter the exact number of financial accounts for which the person has signature or other authority.
• Also complete Part IV, Items 1 through 6 and Items 34 through 43, identifying the owners of the accounts. Items 34 through 43 need only be completed once for each account owner.
• Sign and date the FBAR.

Also, persons who have such signature authority over 25 or more accounts must, when requested by the Department of the Treasury, provide all the information called for in Part IV for each foreign financial account.

Finally, anyone who files an FBAR must maintain records for the account(s) that generated the FBAR for at least five years.

References/Related Topics

• Report of Foreign Bank and Financial Accounts
• FAQs Regarding Report of Foreign Bank and Financial Accounts (FBAR)