Bank accounts outside the USA!

EveryU.S.citizen or resident for tax purposes has until June 30, 2011 to report bank accounts located outside theU.S.in which they had any direct or indirect financial interest or signature authority at any time during 2010.  There are few exceptions and no extensions, even if they filed a timely extension for their 2010 income tax return.  The penalties start at $10,000 and can exceed the balance of the account.  In cases where the government can prove the failure to report the accounts was intentional, there is criminal exposure that can result in prison time.  For non-citizens, this criminal exposure can also result in denial of entry into theU.S.or revocation of permanent residency.  This can be especially difficult for persons who don’t know for sure whether their circumstances during 2010 met the legal definition of tax residency.

 

You may recall an article I had published on this topic in the Daily Business Review last year.  Visit our publications page for an update and more details on the current tax amnesty for unreported bank accounts and income from prior years that expires August 31, 2011.  For those already in non-compliance, missing this June 30 deadline for 2010 accounts will only make things worse…

Eduardo R. Arista, CPA, Esq.

 

 

301 SECRETOS PARA PAGAR MENOS IMPUESTOS
LIBRO GRATIS
Respetamos Su Privacidad

Deja un comentario