The IRS is increasing its enforcement of reporting requirements for foreign financial accounts.  (Note to my friends who have accounts in U.S. possessions: Puerto Rico, U.S. Virgin Islands, Guam, American Samoa and the Commonwealth of the Northern Mariana Islands):  If you have a federal income tax return filing  requirement, you may be required to report financial accounts in U.S. possessions.  Click below for an overview about FBARs and Forms 8938....consult me if you have questions.

http://money.cnn.com/2015/04/01/pf/taxes/irs-penalties/index.html?source=zacks





 


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05/11/2016 12:12pm

If anyone from you is interested to discuss about federal income tax return filing requirements then you need to go through this entire post. Thank you for sharing such an informative stuff here.

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03/20/2017 6:17am

I believe that this requirement for foreign financial accounts will help the system be more effective and secure. I believe as well that this procedure will be for the betterment of the service of the IRS. I don't actually have enough knowledge about this, but I just knew that it will totally help the security features of the system. Anyway, I am really glad to know something about this. Thank you so much for informing us.

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12/08/2016 10:45pm

Informative overview there from you! Thanks a lot, everything is clear. I have no questions ;)

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12/24/2016 7:56am

Sure, I will check out this overview soon. I guess it will be useful for me.

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Thank you for informing us. It's just right that IRS has increased their reinforcement for foreign accounts since nowadays, many are violating it. Sometimes, a law should be strictly implemented and people should know how to follow these rules. For us to have an orderly and peaceful country, we should learn how to follow the laws!

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I think that this blog speaks about of a positive improvement in our society. Nowadays, the rate of fraud is increasing. We cannot determine who to trust anymore. One time, they will speak good and decently in your front and while you are turning your back, they are planning ways to destroy you. IRS has made a good decision to be very strict about certain information to be stored in data sheets. It is a very necessary that we keep good tracks of record so we could control immediately when something is unusual.

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