If you are a U.S. citizen or resident with interests abroad, whether in a bank account, in an entity, or in other financial assets, then it is very likely that you must report these interests to the U.S. government each year. If you have not done so, the penalties can be astronomical. Nonetheless, the IRS offers programs to come into compliance. Do you understand what you should about reporting your foreign interests? The filing requirements are exceedingly complex; thus, if you do have a foreign financial account or any other ties to potential foreign income, it is incumbent to extricate your head from the sand and speak to a knowledgeable tax attorney or CPA. In this article, I discuss when U.S. persons may have a reportable foreign interest, the penalties for not filing, and the methods for coming into compliance if you have not filed in the past. If you have…