Yesterday, the U.S. Department of Justice announced a major guilty plea in line with their goal of curtailing the use of foreign bank accounts by Americans to conceal taxable assets.
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United States citizens have an obligation to report to the IRS on Schedule B of their U.S. Individual Income Tax Return, Form 1040, whether they had a financial interest in, or signature authority over, a financial account in a foreign county in a particular year by checking “Yes” or “No” in the appropriate box and identifying the country where the account was maintained. They further have an obligation to report all income earned from foreign financial accounts on the tax return and to pay the taxes due on that income.
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