US Tax Form 90-22.1

Who must file: “Each United States person who has a financial interest in or signature authority or other authority over a bank, securities, or other financial accounts in a foreign country, which exceeds $10,000 in aggregate value at any time during the calendar year, must report that relationship each calendar year by filing TD F 90-22.1 with the Department of the Treasury on or before June 30, of the succeeding year.”

Here’s my situation:
In Taiwan, you have to open up a bank account with the bank your employer uses for salaries. It just so happens that this “salary bank” does not have a branch anywhere close to where I live. So I usually move a portion of my salary to a different and more accessible bank account and use that until I run out of money. Then, I transfer another lump sum in. The problem is when I do this, both accounts will appear to exceed $10,000 sometime during the year. However, that amount is simply because I transferred my money, not because I’m insanely rich. My question is, what do I do with this tax form? My tax person told me to report all accounts regardless of whether the amount is a duplicate or not. I’m not sure if that is really the right thing to do. Would I be taxed more because it looks like I have a lot of money? Any thoughts on this? Thanks!

There’s no tax to pay. Just fill out the form and send it in. They just want to know about large accounts, but they won’t tax you just because you say you have more than 10k.