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« IRS to Issue "Stranger Owned Life Insurance" Rules | Main | Obama Proposes "Operation National Tax Defier" »

May 11, 2009



This is becoming a huge issue for taxpayers...many don't realize how serious this could be.


Good overview. The IRS latest rhetoric is that they know there is a significant amount of non-compliance in the FBAR area. As discussed above, the potential penalties can be devastating and the recently announced Voluntary Disclosure initiative could greatly reduce the penalties compared to what may result if taxpayers don’t come forward and are identified by the IRS.

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