Difference between revisions of "A Status Taxes - Part 1"

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Revision as of 19:13, 11 November 2024

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In 2011, the IRS in conjunction with Congress, made their minds up to have a more rigorous disclosure policy on foreign incomes which includes a new FBAR form that requires more detailed disclosure information. However, the IRS is yet to push out a this new FBAR shape. There is also an amnesty in place until August 31st 2011 for taxpayers who to help fill form FBAR combined years. Conscientious decisions to not fill the actual FBAR form will result a punitive charge of $100,000 or 50% on the value the actual foreign cause the year not documented.

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The IRS collected $3.4 billion from GlaxoSmithKline for allegedly cheating on its taxes. The internal revenue service contended in which it evaded taxes by making several inter company transactions to foreign affiliates regarding two of their patents and trademarks on popular drugs it has. That is known as offshore tax fraud.

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