As has become obvious, the IRS has stepped up its efforts to curb non-disclosure of offshore assets and underreported income by U.S. taxpayers. Tax compliance has risen to the top of the IRS agenda, and with widely publicized alerts from the IRS, claims of ignorance of the law aren’t like to go very far.
Contrary to popular belief, not all foreign assets owned by U.S. taxpayers must be disclosed. This blog provides guidance on tax compliance for U.S. taxpayers who store gold and currency cash notes abroad in private vaults – a popular investment these days considering the uncertain global economy and the sharp declined in currency values.
A U.S. person must file an FBAR if that person has a financial interest in or signature Read more