The United States taxes its citizens and residents on worldwide income wherever they live, and requires them to report foreign accounts on a form that has nothing to do with the tax return. This article explains both obligations, why the reporting penalties dwarf the tax at stake, and why the most expensive mistakes are made by people who owed no tax at all. It walks through the FBAR, the FATCA reporting form, and the information returns for foreign corporations, partnerships, trusts, and gifts, with the penalty attached to each. It explains what "willful" means in this context and why the answer determines whether a case is a nuisance or a catastrophe. It covers the correction routes — the streamlined procedures, delinquent filing procedures, and voluntary disclosure practice — and how to choose among them. Readers finish knowing exactly what they must file, by when, and what to do about years already missed.