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Major Changes in IRS Policies for Unreported Foreign Accounts

Spring B

Effective July 1, 2014, some IRS penalties on undisclosed foreign accounts will be lowered from 27.5% to 0%, and some will be raised to 50% - kind of depending on whether your bank is under investigation already or not. Additionally, more people are eligible for the Streamlined Filing Compliance Procedure - even people in the US and those with more taxes owed. Worth if you still have unreported foreign accounts.

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HaileyinHongKong

How do we choose the 0% penalty?聽 That sounds like the best option.

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