Streamlined Tax Filing
Many countries across the globe such as Canada, India, etc. have bilateral agreements with IRS to exchange the bank accounts detail. This, in essence, means if you have bank accounts with more than a specific dollar value (generally $10,000 USD), those bank accounts need to be listed on your tax return, as well as a separate filing to the Department of Treasury via the FinCEN (Financial Crimes Enforcement Network) forms.
The penalties for not declaring these accounts are very harsh and typically run into tens of thousands of dollars.
However, there are streamlined disclosure mechanisms made available to clients where the bank accounts can be declared.
Please call me for a free consultation.