Warka Bank account vs. IRS

[FirstTop]

Anything new about reporting to the IRS if we have a foreign bank account (like Warka Bank)??

Any accountants out there?

[sandfly]

ASK ADAM

[ac63corvette]

On your federal tax return there is a box that should be checked if you have an off shore account. Also any interest income needs to be converted to US dollars and reported.  As all\ways check with your CPA or tax consultant. If you do not report it and the infernal revenue chooses to hassle you the penalties potentially can be staggering.

[RMLP]

There is a box on your tax return to check if you have a foreign bank account but that is only part of the process.  If you have $10,000 or more combined in your foreign accounts, you must report this on your tax return.  There is a form.  As mentioned, there is a severe penalty that goes along without reporting your foreign bank account.  I believe the penalty can be almost half of what you have in your account.  Please report your foreign account on your taxes.

[asad]

There is a box on your tax return to check if you have a foreign bank account but that is only part of the process.  If you have $10,000 or more combined in your foreign accounts, you must report this on your tax return.  There is a form.  As mentioned, there is a severe penalty that goes along without reporting your foreign bank account.  I believe the penalty can be almost half of what you have in your account.  Please report your foreign account on your taxes.

TD 22 FORM