Foreign Accounts & The IRS

If you own or have signature authority over an overseas bank or financial account, there’s a good possibility that you need to disclose this information annually to the Internal Revenue Service. Failure to report these foreign accounts to the IRS can result in substantial fines and, in some instances, criminal prosecution. My friend Michael DeBlis from the law firm of DeBlis & DeBlis has written an article on what you need to know about overseas bank and financial accounts. Continue reading.