The following Q&A is from the Jacobs Report with permission from Vernon K. Jacobs
QUESTION: Hello, how do I disclose an offshore account to the us government? I know
you are probably very busy but I was hoping you could give me a couple pointers.
Any help appreciated. Thank you so much. Warmest Regards,
REPLY: The first step is to get a copy of the form and instructions at
http://www.irs.gov/pub/irs-access/f90221_accessible.pdf
The IRS provides answers to a number of questions at
http://www.irs.gov/businesses/small/article/0,,id=148845,00.html
This form was modified as of Dec. 31, 2008 and includes a little bit of additional information from the previous form.
The instructions explain that the form is not required if the total value of all foreign financial accounts combined is $10,000 or less during the prior calendar year. Additional exceptions are described in the instructions to the form.
A more detailed discussion of the various exceptions is available for $16 at
http://www.rpifs.com/fbar.htm.
You can also find my response to dozens of questions about this form at this Yahoo Group. Click on "Messages" and then use the search tool.
Vern
As required by U.S. Treasury Regulations governing tax practitioners, any written tax
advice contained herein cannot be used by any taxpayer for the purpose of avoiding
certain tax penalties that may be imposed under the Internal Revenue Code. For further
details see http://www.offshorepress.com/vkjcpa/disclosurerules.htm
