IRS Penalty for Not Reporting Foreign Bank Accounts (2018)

IRS Penalty for Not Reporting Foreign Bank Accounts IRS Penalty for Not Reporting Foreign Bank Accounts (2018) by Golding & Golding, A PLC What comes to international tax and foreign bank accounts, the IRS has made it a habit of issuing excessive fines and penalties against individuals who have not properly reported their foreign bank accounts. While not everybody who has unreported foreign accounts will be penalized by the IRS, the growing trend is to issue penalties as opposed to issuing penalty waivers. Why Does the IRS Issue Penalties? The reason the IRS issues penalties for not reporting foreign accounts is because the IRS knows he can get away with it. In other words, at the time when the IRS is understaffed and underfunded, they have to direct their resources toward the options that will bring them the most money. And, when you realize just how stiff penalties are for not reporting for accounts, you’ll realize why the IRS has essentially placed almost all…

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