Foreign Asset Reporting

If you have any foreign financial accounts with total value of $10,000 U. S. or more, at any time in the last year, you must file the FBAR you must file form TDF 90-22.1 with the US treasury by June 30th of this year. The form and instructions are available at: www.irs.gov/pub/irs-pdf/f90221.pdf . This is not part of your tax return; but you are expected to file it. There are huge penaties for not filing, up to the greater of $100,000 or half the value of the accounts!
If you have foreign financial accounts, including foreign stocks and ownership interest, which exceeded $50,000 in value at the end of the year, or exceeded $75,000 in value at any time last year ($100,000 and $150,000 if married filing jointly) you must file form 8938 with your tax return. your return will need to be paper filed. Please notify us immediately if this is the case. Penaties may be up to $50,000 for willful neglect of filing.