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While doing my tax return for 2004 I came across the requirement to fill out both Part III of Schedule B and Form TD F 90-22.1 if I have foreign accounts worth in aggregate 10k+. As I have such accounts, I will certainly do both for the 2004 return.
However, for my 2003 return I, being a rookie tax return preparer, failed to notice that I was required to submit schedule B and Form TD F 90-22.1. I have come to realize that the penalties for failing to submit these items are quite stiff.
Should I contact the Dept. of the Treasury and notify them of my mistake of not submitting the form for 2003? Should I contact a lawyer?
I am very interested in the same topic.
What I have heard so far: The rules seem to indicate that penalties can be imposed for late filing, but it is up to the Dept of Treasury to decide how and when to enforce.
Any further feedback is highly appreciated. Thanks.