Foreign Gift Assets on IRS Radar

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Foreign Gift Assets in off shore accounts used to be safe from the IRS. Not anymore, with the growing cooperation of nations around the world U.S. citizens foreign account information will sooner or later (within 2 years) end up in the hands of the IRS.

But massive penalties can be avoided if you disclose foreign gift assets before the IRS comes knocking.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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