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Each United States person who has a “financial interest” in, or signature or other authority over, a foreign financial account with an aggregate value over $10,000 at any time during a calendar year must file a Report of Foreign Bank and Financial Accounts (“FBAR”) on Form TD F 90-22.1 with the Department of the Treasury on or before June 30 of the following year
Beginning January 1, 2011, paid income tax return preparers for individuals, trusts and estates who reasonably expect to file 100 or more returns in 2011 generally are required to file the returns electronically
The IRS announced a special voluntary disclosure initiative to attract people with undisclosed income in foreign accounts to get current with their income taxes
Effective for taxable years beginning after March 18, 2010, any individual who, during any taxable year, holds any interest in a "specified foreign financial asset" must attach an information disclosure statement to his or her income tax return for such taxable year with respect to each such asset if the aggregate value of all such assets exceeds $50,000
