For U.S. taxpayers with offshore bank accounts, they should be particularly wary of one potential action by the IRS: If it believes the taxpayer is intentionally failing to report the offshore accounts, the IRS can seize the taxpayer’s foreign assets and income.

Do you own an offshore bank account? If you are a U.S. taxpayer with offshore bank accounts, it is imperative that you know and understand the importance of filing Foreign Bank Account Reports (FBARs). Additionally, if you are a taxpayer who has failed to file FBARs for past years, you must know how to deal with delinquent FBARs.