Think you can hide your money in a foreign bank account and thereby keep the IRS away from the interest you earn? Think again. The law demands that you tell the government if you have a financial interest in or authority over foreign accounts totaling $10,000 or more during the year. If you tell the Interview that you have such an interest, TaxCut will prompt you to complete a Form TD F 90-22.1.
Don't send the form to the IRS with your tax return. Instead, it should go to the Treasury Department at the address shown on the form. The deadline for filing this form is June 30.