Foreign Bank account, US declaration

Americans who maintain overseas bank accounts should
be mindful of a US law with regard to declaring these
to US authorities. This law is not well known and
I suspect authorities would not go after those having
small bank accounts in a foreign country, or investments
in some holding bank like and off-shore.

But the law is the law, whereever you live the long arm
of the US Government is out there to grab you if you
do something wrong.

The form in question is TD F 90-22.1. A number to
keep in your memory! It has to be filed yearly.

Disclosure is mandatory, and fines up to $500,000 and
5 years in prison for non-compliance. US Social
Security number if obligatory.

The address is "US Treasury Department PO Box 32621
Detroit Michigan, 48232-0621"

My Paris accountant sent the form along with the US
tax declaration due June 15 for overseas declarers.
Unfortunately the tax declaration has to be sent to
another address so I can't save on the mailing costs.

Have a nice day.

Earl


PS since we make quarterly tax payments the IRS
sends us, once a year, the appropriate forms.
Where one picks up TD F 90-22.1, I don`t
know but all US Embassies have an IRS office.
My guess is that few Americans who have
overseas accounts know about TD F 90-22.1.

Sort of like an old fashion speed trap.