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Revision as of 07:49, 8 January 2025

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In 2011, the IRS in addition to Congress, made a call to have a more rigorous disclosure policy on foreign incomes that includes a new FBAR form that needs 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 failed to fill form FBAR in past years. Conscientious decisions to be able to fill the actual FBAR form will result a punitive charge of $100,000 or 50% with the value in foreign take into account the year not said they have experienced.

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