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 If you have a foreign bank or other financial accounts, or can sign on such an account, you are required to disclose these accounts, or be subject to a $10,000 penalty per account. An amnesty period is available allowing voluntary disclosure of such accounts that were not previously disclosed and request related penalties be waived.
Because the IRS is enforcing numerous severe penalties against U.S. taxpayers failing to disclose foreign accounts, it is important you contact Weaver and Tidwell, after reading through this letter, if you believe you have a filing requirement but the appropriate disclosures have not been made. Note, too, the filing due date to disclose foreign bank and other financial accounts for the 2008 year is June 30, 2009.
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