U.S. citizens or residents with financial interests or signature authority over certain foreign accounts must file FinCEN Form 114 online annually if the total value exceeds $10,000. Additionally, Form 8938 must be filed with the IRS for specified foreign financial assets exceeding specific thresholds based on filing status, with higher amounts for those living abroad. Failure to file these forms can result in substantial penalties, and many taxpayers are unaware of these obligations, often overlooking family or online gambling accounts. Watch the following video for more details.