A History Of Taxes - Part 1: Difference between revisions

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Revision as of 23:25, 13 September 2026

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In 2011, the IRS in conjunction with Congress, have decided to have a more rigorous disclosure policy on foreign incomes that includes a new FBAR form that needs more detailed disclosure of data. However, the IRS is yet to secrete this new FBAR document. There is also an amnesty in place until August 31st 2011 for taxpayers who wouldn't fill form FBAR in past years. Conscientious decisions to be able to fill the FBAR form will result a punitive charge of $100,000 or 50% for the value in foreign be the cause of the year not published.

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