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If you have any money stashed in an overseas account, the IRS wants to know about it.

The U.S. is launching a stiff crackdown on Americans who shield income from the tax man in foreign accounts. The new campaign could net tens of thousands of tax evaders, according to a report in the Wall Street Journal ($) Monday.

Taxpayers with $10,000 or more in offshore accounts at any point during the year will be required to file a tax form called the Foreign Bank Account Report, or FBAR. People who owe back taxes can expect some tough penalties. And for those who fail to file the form altogether, the penalties will be much greater.

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