Effective July 1, 2014, some IRS penalties on undisclosed foreign accounts will be lowered from 27.5% to 0%, and some will be raised to 50% - kind of depending on whether your bank is under investigation already or not. Additionally, more people are eligible for the Streamlined Filing Compliance Procedure - even people in the US and those with more taxes owed. Worth checking out details if you still have unreported foreign accounts.
Major Changes in IRS Policies for Unreported Foreign Accounts
Spring B
19 June 2014 09:10:30
0
HaileyinHongKong
24 June 2014 15:41:46
4723
How do we choose the 0% penalty? That sounds like the best option.
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