What Is The Irs Voluntary Disclosure Amnesty: Difference between revisions
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Revision as of 07:23, 17 September 2024
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In 2011, the IRS in addition to Congress, are determined to have a more rigorous disclosure policy on foreign incomes which includes a new FBAR form that requires more detailed disclosure of information. However, the IRS is yet release a transfer pricing 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 the actual FBAR form will result a punitive charge of $100,000 or 50% of the value in the foreign be the reason for the year not documented.
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