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IRS to Go After Wealthy Indian-Americans

April 11th, 2011

Each United States person who has a financial interest in or signature or other authority over any foreign financial accounts, including bank, securities, or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report that relationship each calendar year by filing the REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS with the Department of the Treasury on or before June 30, of the succeeding year. You can get the required form TDF 90-22.1 along with the instructions from http://www.fincen.gov/forms/bsa_forms

This form is not a part of your tax returns so please remember to file it.  In the meantime, here is the link to an article published in the Times of India which is suggesting that IRS is to target wealthy Indo Americans who stash their monies in India!