IRS: RED FLAG ALERT!!! BREAKING NEWS!
Tax Audit Red Flags
Failing to Report a Foreign Bank Account
The IRS is intensely interested in people with money stashed
outside the U.S., especially in countries with the reputation of being tax
havens, and U.S. authorities have had lots of success getting foreign banks to
disclose account information. The IRS also uses voluntary compliance programs
to encourage folks with undisclosed foreign accounts to come clean — in
exchange for reduced penalties. The IRS has learned a lot from these amnesty
programs and has been collecting a boatload of money (we’re talking billions of
dollars). It’s scrutinizing information from amnesty seekers and is targeting
the banks that they used to get names of even more U.S. owners of foreign
accounts.
Failure to report a foreign bank account can lead to
severe penalties. Make sure that if you have any such accounts, you
properly report them. This means electronically filingFinCEN Form 114 by
June 30 (April 15 for filings beginning in 2017) to report foreign accounts
that total more than $10,000 at any time during the previous year. And those
with a lot more financial assets abroad may also have to attach IRS
Form 8938 to their timely filed tax returns.
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