2006 Connected With Tax Scams Released By Irs: Difference between revisions

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In 2011, the IRS in conjunction with Congress, decided to have a more rigorous disclosure policy on foreign incomes which includes a new FBAR form that needs more detailed disclosure details. However, the IRS is yet to push out a this new FBAR form. There is also an amnesty in place until August 31st 2011 for taxpayers who did not fill form FBAR in past years. Conscientious decisions to not fill the FBAR form will result a punitive charge of $100,000 or 50% belonging to the value the actual foreign cause the year not published.

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