You need to be sure to take advantage of the IRS offshore voluntary disclosure program in order to be able to save money and exposure to the Internal Revenue Service. No one wants to have to pay any fines or anything like that to the IRS, but this program can help you in a big way.
When you have foreign sourced income, you are now required to make a filing with the Internal Revenue Service. Under the Bank Secrecy act, you need to file a form that is known as form TD F 90-22.1.
You need to file this form if any of your foreign accounts have a balance that is equal to or greater than $10,000 at any point during the year. This is in the aggregate, which means that you have to add up the balances of all of your foreign accounts to see if you get above this number.
The idea here is that the Internal Revenue Service wants to be able to cut down on the use of these foreign accounts to hide things such as interest income, dividend income, and so on. Failure to make this filing can come with heavy penalties including imprisonment of a period of not more than five years.
The IRS offshore voluntary disclosure program can be a great asset to get this filing in even if you are after the deadline. The Law Offices Of Jeffrey B. Kahn, P.C. can help you learn about the offshore voluntary disclosure program and what it entails