Tax Help Alert: Foreign Bank Account Holders Must Practice FBAR Compliance to Stay Out of IRS Trouble
Tuesday, May 3rd, 2011The good old days of “safe tax havens” are over.
We saw this last year with the bust of UBS and the thousands of taxpayers who owed unpaid back taxes hidden in Swiss bank accounts. They all paid their dues–in the form of heavy IRS penalties.
In a recent Wall Street Journal article, titled “Sacre-Bleu! The Foreign Account Penalty“, taxpayers are warned against non-compliance with FBAR restrictions. According to the article, “FBAR
