The original FBAR created the Bank Secrecy Act, which gave the Department of Treasury authority to establish recordkeeping and filing requirements for U.S. persons with financial interests in or signature authority or other authority over financial accounts maintained with financial institutions in foreign countries.
This provision of the law requires that a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), be filed if the aggregate balances of such foreign accounts exceed $10,000 at any time during the year. This form is used as part of the IRS’ enforcement initiative against abusive offshore transactions and attempts by U.S. persons to avoid taxes by hiding money offshore. This includes any interest a US person has in:
- Offshore bank accounts
- Offshore mutual funds
- Offshore hedge funds
- Offshore variable universal life insurance policies
- Offshore variable annuities a/k/a Swiss Annuities
- Debit card and prepaid credit card offshore accounts
As this may be the last opportunity for taxpayers to resolve unreported foreign income issues without criminal prosecution, we recommend that taxpayers in this situation act immediately and seek assistance from an IRS debt tax attorney.
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