All U.S. persons (citizens or resident aliens) who have a foreign account or accounts with an aggregate value of US$10,000 or more, must file a U.S. Treasury Department, Form TD F 90.22.1 by June 30th. (You must also have declared that you had a foreign account or accounts on Schedule B of your personal IRS Form 1040 income tax return due last April).
The law states: "Each United States person who has a financial interest in, or signature authority over bank, securities, or other financial accounts in a foreign country which exceeds $10,000 in aggregate value, must report... each calendar year..." that fact on your federal income tax return."
This additional annual report must be filed by June 30th of each year on an information return (Form TDF 90-22.1) with the U.S. Treasury. "Willful" non-compliance may result in criminal prosecution. These forms are available online at http://www.irs.gov/pub/irs-pdf/f90221.pdf
The term "bank account" means a savings, demand, checking, deposit, loan, or any other account maintained with a financial institution or person engaged in banking. Failure to fulfill the above described reporting requirements is a criminal act subject to fines and jail. For all U.S. persons we recommend full compliance with all IRS reporting requirements.
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