IRS makes it less risky for U.S. residents to start reporting foreign accounts.

July 5, 2014 by OSYB Staff

IRS makes it less risky for U.S. residents to start reporting foreign accounts. The new rules provide a streamlined procedure for U.S. residents to begin reporting FBAR non-filing.  The procedure had been available only to non-residents.  It also has eliminated the inane $1,500 cap on unreported taxes from foreign accounts. Read more here.