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In this tutorial, Memory Shear discusses foreign taxation, focusing on foreign bank account reporting (FBAR), now called FinCEN Form 114. This form is required for individuals with foreign bank accounts holding $10,000 or more at any point during the year, and it must be filed by April 18, or it will be automatically extended if an extension is filed. It is crucial to report this information to the Treasury Department, not the IRS. Required details include the bank's name, account number, address, and the highest balance in the account during the year. Proper reporting is emphasized to ensure compliance.
