Money coming being wired from a savings account in Japan to a checking account here in the U.S. well in excess of 10,000.
Clearly the bank reports this to the IRS. Will they send me a 1099 that needs to be accounted for? If yes, is the form 3520 the document that "counteracts" this 1099 that the bank will send me?
If not, what other documentation do I need to show to the IRS when I file my taxes?
And I never filed a TDF 90-22.1. If I report this in the next tax return, will the IRS look back and "think" about charging back taxes for simple interest earned on that account all these years?