Question

Individuals submit an annual Report of Foreign Bank and Financial Accounts to:

A) The Internal Revenue Service (IRS)
B) The Federal Reserve
C) The Department of Treasury
D) The Securities and Exchange Commission (SEC)

Answer 1

Individuals submit an annual Report of Foreign Bank and Financial Accounts to The Department of Treasury.

Step-by-step explanation:

Individuals submit an annual Report of Foreign Bank and Financial Accounts to The Department of Treasury. The Report of Foreign Bank and Financial Accounts, also known as FBAR, is a form that individuals must file with the Department of Treasury FinCEN (Financial Crimes Enforcement Network). The purpose of FBAR is to disclose foreign financial accounts that exceed a certain threshold.