The Master's Tax & Financial Services
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Foreign Bank Accounts

Resident aliens must file a disclosure document for each account in a foreign country for which the person has an interest or signatory authority, if the aggregate value of all accounts exceeds $10,000 at any time in the calendar year.

The required form is Form TD F90.22-1, Report of Foreign Bank and Financial Accounts.

The penalties for failing to file this report are rather steep. The minimum penalty is $500 if due to negligence, but can quickly increase to $10,000 without any willful intent, up to $50,000 for a pattern of negligent behavior, and up to $100,000 for willful failure to file.

"Tax software is no substitute for tax knowledge."

Any views expressed herein are based on our best information. The content of this web site was written as general information without specific individual information and thus may not apply in all situations. This material was not written, and cannot be used by the taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer.

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Janelle Ogg, EA
Richard Ogg, EA