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TAX ISSUES

Offshore Bank Account Holders May Face Higher Penalties Soon

By The BIDaWIZ Team on July 4th, 2014 at 11:26 am

We are now one month away from the August 4th IRS deadline given to taxpayers that intentionally hid money at 10 offshore banks that are currently under investigation. Specifically, the agency recently announced changes to its voluntary disclosure program that will provide a hard deadline for certain taxpayers to disclose their foreign bank accounts in order to avoid higher penalties. .
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