reasons not to report my foreign account to irs

23 Jun

This was a search term that was used to get to this blog and I couldn’t ignore it. Perhaps some time in the future I’ll do a post on FUSET (Frequently Used Search Engine Terms). But for now, I will specifically address what it seems to me to be someone searching for a reason to not reveal details of their bank accounts to the IRS. Let me say that it should be perfectly clear that if you have more than an aggregate of $10,000 at any one time during the year in all your foreign financial institutions, there should be no reason not to report your foreign account to the IRS on the FBAR form designated by the IRS as TDF 90-22. And that means all accounts including your retirement accounts, saving accounts, and any and all places you have money held in your name. And that institution doesn’t have to be a bank. It can be a mutual fund, insurance company, or cooperative. Don’t try to hide anything. It won’t work. Be honest. Comply now and do it fast as the FBAR form has to be in their hands (not just postmarked) by June 30th.

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