Like A Passport, The IRS Goes Everywhere

If you’re a U.S. citizen or permanent resident you must annually file a tax return reporting your worldwide income. If you have “foreign”---meaning non-U.S.---accounts over $10,000, you must annually file an FBAR. See FBAR Penalties Just Got Even Worse. Starting in 2011, if your foreign financial assets exceed $50,000 (subject to exceptions) your tax return must include a Form 8938. See IRS Form 8938 Or FBAR?