Great flow chart graphic (see link below) showing the statistics and criteria for audit by the IRS. Note that foreign bank accounts are one of the criteria. The IRS has recently significantly increased teh audits of expatriates living abroad . Those audits are conducted by mail, phone, etc. You will need written documentation to support anything they question on your return (without written documentation you will lose the deduction).
The IRS will often test your reported income by asking to see your bank statements, etc. to determine how much money is going through those statements and compare it with your reported income. Any difference must be explained. Your lifestyle (home costs, living expenses, etc) must also be supported by your income or you may have to explain and prove where the additional funds to support it come from.
LINK TO AUDIT CRITERIA AND STATISTICS http://www.entrepreneur.com/article/227437.
Email us if you need experienced attorney/CPA tax audit representation
The IRS will often test your reported income by asking to see your bank statements, etc. to determine how much money is going through those statements and compare it with your reported income. Any difference must be explained. Your lifestyle (home costs, living expenses, etc) must also be supported by your income or you may have to explain and prove where the additional funds to support it come from.
LINK TO AUDIT CRITERIA AND STATISTICS http://www.entrepreneur.com/article/227437.
Email us if you need experienced attorney/CPA tax audit representation
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