Foreign Bank Account Reporting (FBAR)

Any U.S. person associated with a foreign bank account, either personal or Stanford-owned, must comply with reporting requirements of the following U.S. agencies:

• U.S. Department of the Treasury for accounts whose value exceeds U.S. $10,000 at any point, and
• Internal Revenue Service (IRS), regardless of the value

The University centrally manages the U.S. Department of the Treasury reporting for all corporate Stanford accounts of which it is aware. However, individuals also have reporting requirements, both on their IRS 1040 Schedule B, and FinCen FBAR (for accounts valued at over $10,000 at any point in the calendar year). Projects or programs associated with University-related foreign bank or financial accounts must report those accounts to Ofice of the Treasurer.

What's Next?

The reporting rules for overseas bank accounts are complex and change regularly. If you are an owner of or a signatory for an overseas account associated with a Stanford project, contact GBS for assistance in determining what information needs to be reported departmentally. For more information on IRS requirements, which may apply, go to the IRS FBAR Reference Guide. In addition, it is advisable to contact a personal tax professional, because while GBS can assist regarding regulatory compliance and reporting issues, GBS cannot provide individual tax advice.