Whenever you think of the Internal Revenue Service you do not think of them saving you money. When you consider the impact the IRS offshore voluntary disclosure program can have on your financial situation though, they have made a big move to save you from fines.
Foreign bank accounts are now coming under the scrutiny more than ever by the Internal Revenue Service. TheU.S.government has put in place a new law that is known as the Bank Secrecy act. Under this act, you may be required to file a new form, which is none other than form TD F 90-22.1.
So what do you need to hit in terms of your foreign accounts in order to be required to make this filing with the Internal Revenue Service? Well, it will all depend on the balances of your foreign bank accounts throughout the year. So when you are looking at the accounts over the year, if at any point when you add up all of their balances, that the total amount exceeds $10,000, you need to make this filing.
The Internal Revenue Service is utilizing this method and filing so that they can pressure banks and such from utilizing these foreign accounts to hide income in these types of accounts, including interest income and so on.
The IRS offshore voluntary disclosure filing needs to be taken advantage of for your own benefit. The offshore voluntary disclosure program can be assisted by www.kahntaxlaw.com.