Search This Blog

April 26, 2013

Two Sentenced for Not Disclosing Foreign Bank Accounts to IRS

Read about the Sentences received  by two taxpayers who thought they could hide their assets and income abroad from the IRS.   One is 79 years old. ARTICLE IN USA TODAY

Your FBAR (TDF 90-22.1) forms must be received by the IRS by 6/30/13 reporting your foreign financial assets (including foreign pension plans in many instances).  Penalties for filing late or not at all can be $10,000 or more per year including possible criminal prosecution similar two the two guilty taxpayers mentioned in the article above.

No comments: