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Tomorrow, June 30, is the last day for filing Form TD F 90-22.1 to report a financial interest in a foreign account.

It is immaterial whether you made or loss money during 2004. The US Treasury Department requires this form to be filed if you have foreign accounts with a value in excess of $10,000 at any time during the year in the aggregate.

Non-willful violations are subject to a penalty of $10,000. Willful violations are subject to a penalty up to $100,000. The criminal penalties can, under certain circumstances, amount to imprisonment for up to ten years.

This filing requirement has existed for some time but this is the first year that these penalties go into effect.

FYI
 

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