When it comes to reporting your various accounts on forms like the FBAR, 8938, and 3520, don’t assume that just because an account is small, that the IRS isn’t interested in it. Unless we have advised that there is a rule that excludes reporting because of size or materiality, often called a ‘de minimis rule’, please be comprehensive when listing accounts and assets. Remember, the IRS can assess the same $10K penalty for an account with $100, $100,000, or any amount. Our recommendation is to be aware of your small accounts, and please share the details with us.