Rich people in a panic over new IRS rules

Wealthy Americans are ringing up their financial advisors and attorneys in a panic ahead of a looming September 23 IRS deadline to correctly report assets being held offshore.

A United States citizen or resident must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of the accounts in a foreign country exceeds $10,000 at any time during the calendar year. This includes any bank, securities, securities derivatives, along with any savings, checking, deposit, or other account maintained with a financial institution, according to the law firm Nixon Peabody.