Tax Haven Audits – IRS Foreign Bank Account Reporting (FBAR) Update

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Please click below to view a 5 minute CNN Local interview (2009) covering the IRS/ Swiss tax battle:

http://www.youtube.com/watch?v=ouAcmqHkvZE&feature=youtube_gdata

 

Significant civil and criminal penalties can be imposed on taxpayers having signature or other financial interests in foreign bank accounts.

The ongoing privacy and tax collection battle between the IRS and  Switzerland, as well as other countries, highlights the need for taxpayers to not only report their worldwide earnings, but also file various Treasury disclosures (Form TD 90-22.1) in order to avoid these very onerous penalties.

Read the linked AICPA articles to learn more about recent developments and the billions of dollars at stake:

http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2010/CorpTax/FBAR_Reporting.jsp

http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2009/CorpTax/Tax_Officials.jsp

 

Click below for a Financial Times article on Swiss Banking:

http://www.ft.com/cms/s/0/501901c4-140e-11df-8847-00144feab49a.html

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One Response to “Tax Haven Audits – IRS Foreign Bank Account Reporting (FBAR) Update”

  1. Thanks, a very useful bit of information for all. Your thoughts on this subject are amazing and I am sure that these ideas will definitely apply to many other inviduals out there.

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