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The IRS has stepped up its efforts to find business and individual taxpayers who don’t report the accounts they hold in foreign financial institutions. The deadline for filing the form (if you meet certain requirements) is coming up on Monday, June 30, 2008. Failing to comply can result in stiff civil or criminal penalties under the Bank Secrecy Act. Click “Full Article” for reporting details.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.