$100,000 Penalty OMG!

The IRS really wants you to disclose any foreign bank accounts. If you have over $10,000 in the bank account at any time during the year, you need to fill out form TDF 90-22.1. Only the government could come up with such a form number. There is no tax due as the IRS only wants information regarding the account. If you willfully fail to follow the rules, the IRS can hit you with a penalty up to $100,000.