Comments on: Get Out of Jail Free http://cfo.markbaileyco.com/tax/get-out-of-jail-free/ Resources for Public Company CFOs and Controllers Tue, 24 Jan 2012 16:45:34 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Julia Kingston http://cfo.markbaileyco.com/tax/get-out-of-jail-free/comment-page-1/#comment-1963 Julia Kingston Fri, 05 Jun 2009 21:44:35 +0000 http://cfo.markbaileyco.com/?p=120#comment-1963 The IRS Amensty Program allows for possible abatement of all penalties for the late filing of the foreign bank accounting reporting forms if all the foreign account investment income (interest, dividends and capital gains) were included in your U.S. income tax returns and you file all deliquent Forms by September 23, 2009. If, however, you did not report the investment income on your tax return, we recommend that you talk to your tax accountant for further advice. This area will continue to be of increasing importance, as the Obama administration has said that it plans to "reform" the U.S. international tax system, with increased emphasis on foreign bank accounts and foreign entities. The IRS Amensty Program allows for possible abatement of all penalties for the late filing of the foreign bank accounting reporting forms if all the foreign account investment income (interest, dividends and capital gains) were included in your U.S. income tax returns and you file all deliquent Forms by September 23, 2009. If, however, you did not report the investment income on your tax return, we recommend that you talk to your tax accountant for further advice.

This area will continue to be of increasing importance, as the Obama administration has said that it plans to “reform” the U.S. international tax system, with increased emphasis on foreign bank accounts and foreign entities.

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