Foreign Bank and Financial Accounts in header of articles
Foreign Bank and Financial Accounts in content page of articles
You must tell the U.S. Treasury if you have both of these:
Financial interest in or authority over any foreign accounts
Foreign accounts that total more than $10,000 at any time in the year
To report the foreign accounts, complete Form TD F 90-22.1: Report of Foreign Bank and Financial Accounts. Submit this form separate from your return by June 30 of each year.
After June 30, 2013, you must e-file Form TD F 90-22.1. If you're required to file the form but fail to do so without reasonable cause, you might be charged a penalty. The penalty could be up to $10,000. If you willfully fail to file, the penalty increases to the greater of:
50% of the balance of the account
You might also be charged with criminal penalties.