As a result of the current state of the economy and recent calls for more regulation on international finance, it should come as no surprise that the federal government is seeking ways to close tax havens and increase collections from taxpayers. Taxpayers who have offshore accounts (e.g., foreign trusts, corporations, bank, mutual funds, hedge funds, life insurance policies, annuities and debit and prepaid credit card accounts) are required to disclose annually such assets and accounts via Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts, or FBAR, and to report annually income earned from those accounts on their U.S. income tax return.
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