New Foreign Asset Reporting Requirement starts in 2011

If you hold an ownership interest in foreign financial asset, you must file form 8939 to disclose the ownership, if the value of the assets exceeds $50,000 on the last day of the tax year ( or $100,000 any time during the year) if you file as a single taxpayer.  Joint returns the limit is doubled to $100,000 and $200.000.  Note: If this reporting applies to you and you do not report the required information, the penalty for not disclosing is $10,000.  Talk to your tax professional for what is needed for reporting.