Paying Taxes Can Tax The Best Of Us: Difference between revisions

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Revision as of 17:59, 21 September 2024

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In 2011, the IRS in conjunction with Congress, decide to have a more rigorous disclosure policy on foreign incomes that features a new FBAR form that requires more detailed disclosure information. However, the IRS is yet to create this new FBAR contour. There is also an amnesty in place until August 31st 2011 for taxpayers who in order to fill form FBAR in past years. Conscientious decisions by no means to fill out the FBAR form will result a punitive charge of $100,000 or 50% of your value the actual foreign be the reason for the year not claimed.

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