FIFA has big problems, and not just limited to foreign bank account reporting. Yet many average Americans should watch at least one aspect of the FIFA criminal charges play out: the foreign account forms known as FBARs. Each U.S. citizen and permanent resident must report worldwide income to the IRS, even when paying taxes elsewhere. Moreover, you must file an annual FBAR (now called FinCEN Form 114) disclosing your foreign bank accounts if their aggregate value exceeds $10,000 at any time during the year. The penalties for either failure are big, potentially criminal.
