Written by attorney Mary Elizabeth King

If I have a bank account overseas, do I need to report this to the IRS?

If your bank account overseas is in excess of $10,000, you do need to report this to the IRS. The IRS has become increasingly aggressive about finding taxpayers who have offshore accounts that have not been disclosed to them. And that’s why many years ago the IRS developed the Offshore Disclosure Program. This program is very important in order to help taxpayers avoid any criminal prosecution, and it also is important that a taxpayer retain a qualified tax resolution attorney to assist them with this program.

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