US CITINZENS; Have you reported the FBAR?

You know guys June 30th is the last day to report your foreign bank accounts details (fbar) to IRS.

So remember, if you're an American citizen, and have over $10K in foreign bank account, savings account, you need to file this report (FBAR FORM) by June 30.

TD F 90-22.1

Deadline for 2010 FBAR forms is JUNE 30, 2011 – and unlike regular IRS tax forms.

 Who has to File?  U.S. taxpayers including citizens, residents, and entities that have foreign financial accounts totaling more than $10,000 at any point during the year.
What is an Account?  Foreign bank and brokerage accounts are generally included, as are offshore mutual funds or pooled investments.  However, hedge and private equity funds generally don’t count.
FBAR Penalties.  The penalties for failure to file are considerably worse than tax penalties.  Failing to file an FBAR can carry a civil penalty of $10,000 for each non-willful violation.  But if your violation is found to be willful, the penalty is the greater of $100,000 or 50% of the amount in the account for each violation–and each year you didn’t file is a separate violation.