Foreign Assets? Don't Forget to Report Them!
If you have a financial interest in or a signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust or other type of foreign financial account, you may be required to report this information to the IRS. Failure to do so could result in sever penalties and criminal charges, including jail-time. Please consult with us if you have any foreign assets that should be disclosed on your Federal Tax Returns.
For some more information on the matter please see:
IRS Foreign Accout Tax Compliance Act (FATCA)