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Hot Topic Deadlines Approach for Off-Shore Reporting Any U.S. person or business with a foreign financial account should be aware of approaching reporting deadlines and the severe penalties for failure to comply with reporting rules. June 30 is the deadline to file reports of foreign bank accounts, and no extensions are allowed. Failure to file could result in 5 years in jail. September 23 is the deadline to voluntarily disclose foreign bank accounts that have not previously been reported to the IRS and to the Treasury Department as required. Failure to participate in the program could also result in criminal prosecution.
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In the News
Alice A. Joseffer Interviewed on Tax Reporting Requirements for Foreign Investments
Garry M. Graber Interviewed About Involuntary Bankruptcy for Troubled Historic Landmark
James M. Bandoblu on Increased Scrutiny of Foreign Bank Accounts |
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