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In this video, Memory Shear from Tax.Crypto discusses foreign taxation, focusing on foreign bank account reporting (FBAR), now referred to as FinCEN Form 114. Individuals with foreign bank accounts holding $10,000 or more must file this form by April 18th, or it will be automatically extended if they file for an extension. The form is submitted to the Treasury Department, not the IRS, and must be filed separately. Required information for the FBAR includes the bank's name, account number, address, and the highest balance in the account during the year. It is important to report the highest balance accurately, rather than average amounts.