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IRS unexpected new FBAR form for reporting foreign accounts
By admin | October 4, 2008
In a surprising development, the IRS has just posted on its website (September 30, 2008) a new version of Treasury Department Form 90-22.1, named “Report of Foreign Bank and Financial Accounts,” and known as the “FBAR.” The FBAR has been the focus of increasing attention as a result of IRS efforts to publicize its filing requirements and because of ongoing investigations involving Americans who have undeclared foreign accounts at LGT Bank of Liechtenstein, UBS, and other institutions. This recent activity
has included the service of a “John Doe” summons on UBS for a list of American account holders, the plea agreement of a Geneva-based UBS private banker, and hearings held by the Senate Permanent Subcommittee on Investigations into the problem of undeclared accounts.
Overtaxed Americans looking for non-reportable investments (that is, those that don’t have to be declared on this form) should check out my article Five Non-Reportable Tax Shelters for US investors.
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Topics: Banks and banking offshore, Investing in precious metals | No Comments »
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