PSA: US Taxpayer ? Have a Foreign Bank Account ? File your FBAR or get FUBAR !

[cbelt3]

http://blogs.forbes.com/robertwood/2011/...gger-fbar/

"With June 30 mere days away, you may be fretting about FBARs, especially if it’s your first. See Should You File FBAR For The First Time? If you have foreign bank accounts holding more than $10,000 in the aggregate any time during 2010, you can face big penalties or even jail if you fail to file by June 30, 2011. The FBAR, Report of Foreign Bank and Financial Accounts (Treasury Form TD F 90-22.1) should not be taken lightly."

[freeradical]

For as long as I can remember, it has always been required to report this information on Schedule B.

So I guess now the IRS wants to hit you twice for not giving them this information.

[space-time]

even if it's under someone else's name???