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Entries tagged “foreign accounts”

U.S. Reporting of Undisclosed Foreign Accounts

insights September 1, 2009

The IRS has now implemented a special approved penalty framework for resolving the civil side of offshore voluntary disclosures and this approved penalty framework is effective till September 23, 2009 at which time the IRS intends to re-evaluate the approved penalty framework. Under the approved penalty framework, the taxpayer has to file correct or amended…

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