Legal Alert: The IRS 2011 Offshore Voluntary Disclosure Initiative is Underway


United States citizens, residents and certain other persons are required to annually report a direct or indirect financial interest in, or signature authority over, a financial account maintained in a foreign country if the aggregate value of all such accounts exceeds $10,000 at any time during the year. Such reporting is disclosed on Form TD F 90-22.1, also known as an “FBAR”.

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