The Internal Revenue Service is reminding U.S. persons who have bank and other financial accounts in a foreign country that they may be required to report those accounts to the U.S. Treasury by the June 30 deadline.

U.S. persons are required to file a Report of Foreign Bank and Financial Accounts (FBAR) Form TD F 90-22.1 each year if they have a financial interest in or signature authority or other authority over any financial accounts, including bank, securities or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.

Penalties for non-compliance with the FBAR filing requirement are severe. Civil penalties for nonwillful violations can range up to $10,000 per violation. Civil penalties for willful violations and criminal penalties can range up to $500,000 and include prison.