Yes, foreign passive and controlled accounts can have punitive taxes on them in some circumstances Yes, a report is sent by the bank No, that has nothing to d

Yes, foreign passive and controlled accounts can have punitive taxes on them in some circumstances Yes, a report is sent by the bank No, that has nothing to do with there being a problem or any liability for you. A report goes out to the IRS, so what. Was your main point to say "and therefore the IRS cares?" okay. It means nothing to them if there is no tax event.