A Background Of Taxes - Part 1: Difference between revisions
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Revision as of 18:50, 21 September 2024
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In 2011, the IRS in addition to Congress, smart idea to possess a more rigorous disclosure policy on foreign incomes including a new FBAR form that requires more detailed disclosure information. However, the IRS is yet to push out a this new FBAR document. There is also an amnesty in place until August 31st 2011 for taxpayers who did not fill form FBAR in past years. Conscientious decisions in no way fill the FBAR form will result a punitive charge of $100,000 or 50% of this value on the foreign be the reason for the year not suffered.
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