A Status Taxes - Part 1: Difference between revisions

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In 2011, the IRS in addition to Congress, have made a decision to have a more rigorous disclosure policy on foreign incomes that features a new FBAR form demands more detailed disclosure of information. However, the IRS is yet to push out a this new FBAR structure. There is also an amnesty in place until August 31st 2011 for taxpayers who did not fill form FBAR in past years. Conscientious decisions not to ever fill out the FBAR form will result a punitive charge of $100,000 or 50% of your value in the foreign are the reason for the year not suffered.

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