IRS Targets Foreign Bank Accounts

Posted on June 16, 2010. Filed under: Tax Tips | Tags: , |

With limited exceptions, every American citizen  and resident …  with a direct or indirect ownership or control over a foreign financial account at any time during 2009  … could be subject to late filing penalty of $10,000 … or if the IRS recommends criminal prosecution …  additional penalties up to $500,000 and 10 years in prison.  There are few exceptions!  Ouch!Those with foreign accounts in 2009 must meet the June 30 deadline, and those with unreported foreign accounts from prior years should also consider coming forward under the IRS’s Voluntary Disclosure program to virtually eliminate the chance of criminal prosecution if they are caught.

Ed Arista does a great job of providing more information and commonly used exceptions … read more

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One Response to “IRS Targets Foreign Bank Accounts”

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hey whats your myspace page.

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