If you own or have authority over a foreign financial account including bank, securities, or other types of financial accounts, in a foreign country, and if the aggregate value of these accounts exceeds $10,000 at any time during the year, then you are required to report that information to the Department of Treasury, by filing Form TD F 90-22.1.
This form is due on or before June 30 each year (following the year you are reporting on) and is NOT to be filed with your Federal income tax return. There is NO extension of time to file this report.
Failure to file this informational return can result in fines of up to $500,000 and up to 5 years imprisonment. Individuals and organizations that meet the requirements are required to file.
The form is pretty easy though given the potential fines and jail time for not filing, is not one you want to miss.
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The IRS has an amnesty program through August 31, 2011, for people with unreported foreign accounts. Taxpayers can avoid criminal prosecution by voluntarily coming forward before being targeted by the IRS.
To qualify, you must disclose any unreported income from 2003 on and pay all taxes, penalties, and interest on the understatement.
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