Don't Panic If Income Tax Department Raids You: Difference between revisions
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Revision as of 18:45, 29 August 2026
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In 2011, the IRS in conjunction with Congress, have made a decision to possess a more rigorous disclosure policy on foreign incomes including a new FBAR form that needs more detailed disclosure information. However, the IRS is yet to push out this new FBAR contour. There is also an amnesty in place until August 31st 2011 for taxpayers who did not fill form FBAR combined years. Conscientious decisions not to know fill the FBAR form will result a punitive charge of $100,000 or 50% of the value in foreign be the reason for the year not seen.
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