The deadline is approaching for certain taxpayers to report accounts they hold in foreign banks and other financial institutions. You also may be required to report foreign accounts over which you have signature authority, such as an account that you maintain on behalf of a relative or employer -- or if you have power of attorney over an elderly parent's foreign account, even if you never exercise that authority.
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The IRS is continuing its efforts to find taxpayers who don't report accounts they hold in foreign financial institutions. The deadline for filing an IRS form (if you meet certain requirements) is coming up on June 30, 2013. Failing to comply can result in penalties under the Bank Secrecy Act. Here are the details, along with a new IRS announcement that the U.S. is now sharing tax information with Australia and the U.K. to help fight offshore tax evasion.