IRS Goes Easy on Foreign Account Holders

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The IRS has decided to relax the requirements on Americans who hold assets in foreign accounts, albeit slightly. For years, those who have accounts in foreign banks and other financial institutions worth more than $10,000 were required to fill in the Foreign Bank Account Report (FBAR) but a new push by Congress to get the IRS to stem tax evasion has seen the government agency come down hard on such taxpayers. Willful failure to submit or misrepresentation in the FBAR form entails a $100,000 fine or half the value of the account per year. Non willful compliance with this regulation results in a $10,000 annual fine. Both these situations take no account of the amount of the infringements.

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The Law Offices of Darrin Mish, P.A. on:

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