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Revision as of 13:29, 22 September 2024
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In 2011, the IRS in addition to Congress, have decided to have a more rigorous disclosure policy on foreign incomes that includes a new FBAR form that requires more detailed disclosure data. However, the IRS is yet to liberate this new FBAR variation. 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 not to ever fill out the FBAR form will result a punitive charge of $100,000 or 50% belonging to the value associated with foreign take into account the year not reported transfer pricing .
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