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After living in Europe since 1983, I relocated to the US in 2000 (I am a US citizen). While working with tax consultant to file my taxes for 2000, I found out that I should have been filing Treasury form 90-22.1 "Reporting of Foreign Bank and Financial Assets" since about 1995 as I have foreign bank accounts exceeding $10,000. Up until now, I had no idea I was supposed to file this form. I have faithfully been filing my 1040's and all attachments while I was in Europe.

The tax consultant I have worked with advised me to prepare a letter to accompany the 90-22.1 explaining the situation and to fill out the forms for the past 5 years. He felt this would keep me out of trouble. The problem is that he wants more than $1000 for this service and I am not willing to shell this out.

Can I just write the letter myself with lots of mea culpa's and fill out the missing forms? Do you think the Treasury Dept. will press charges or are they not really interested in small fish like me?

I need to file by July 2, so any advice would be appreciated as soon as possible!


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