IRS surely has done a good job rocking the boat. For many Americans living overseas or foreign people living in the U.S, the news about FBAR got themselves a solid issue to worry about. File or no file? It hasn’t been much an issue before because it isn’t a common knowledge, so there must ...
With the accumulated database, IRS now can cross check your tax returns and FBAR filings and detect undisclosed incomes. It used to be a way to fight money laundering and terrorists, but now it helps the Treasury Department to uncover big source of government revenue. Therefore, you will see escalation effort by the ...