UNREPORTED FOREGIN BANK ACCOUNTS - DEADLINES AND PENALTIES LOOMING

People who haven't reported ownership of foreign accounts by September 23 may face jail time and fines.

By Seth J. Entin

Mr. and Mrs. Doe, who are U.S. citizens, have an account with a foreign financial institution. The Does have never reported their ownership of or the income from this account on Schedule B of their U.S. federal income tax returns, and they have never filed Treasury Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR), which they are required to do to disclose this account.

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