If you have a Foreign Bank Account, the rules on maintaining and reporting the bank accounts are about to change dramatically in the areas of civil and criminal penalties. The Swiss Bank, UBS, has now entered into an agreement with the U.S. Treasury for the release of American individuals with bank
1
Do you have a Foreign Bank Acccount or have interest or Signature Authority over?
You may have a reporting requirement without knowing your responsibility.
2
Has the daily balance of this bank account ever exceeded US$10,000 since inception?
You will need to convert the foreign currency each day to determine the limitation of US$10,000
3
Are you part of the volunteer IRS program for reporting the bank account(s)
UBS bank account holders are a part of this Federal program, but we are uncertain at this writing if the program extends to individuals with account in other banks.
4
Make certain that you are represented by competent legal counsel before the IRS come calling
You never want to go before the U.S. Treasury or the IRS without first determining whether you have a need to be represented by legal counsel.
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