I read in one of your articles that a person could go to prison for failure to file a TD F90-22.1, is this really true?

Yes.

TD F 90-22.1 - Report of Foreign Ban and Financial Accounts must be filed by June 30th of each year, if you have over a certain amount in foreign bank accounts or financial institutions. ($10,000)

Failure to file a required T DF 90-22.1 is a felony, punishable by a 5 year prison term. This form generates from Schedule B, Line 7a.

I am not sure why you asked this question, however, if your past due returns include this area of reporting, I strongly suggest that you contact a Tax Attorney or call the IRS, immediately.

You can find more information at http://www.irs.gov/ - keywords: instructions, schedule b