Difference between revisions of "Smart Income Tax Saving Tips"
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Latest revision as of 06:56, 1 November 2024
There is much confusion about what constitutes foreign earned income with respect to the residency location, the location where the work or service is performed, and the source of the salary or fee payment. Foreign residency or extended periods abroad of the tax payer is often a qualification to avoid double taxation.
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In 2011, the IRS in addition to Congress, are determined to have a more rigorous disclosure policy on foreign incomes that includes a new FBAR form demands more detailed disclosure facts. However, the IRS is yet to create this new FBAR contour. There is also an amnesty in place until August 31st 2011 for taxpayers who fill form FBAR combined years. Conscientious decisions by no means to fill out the FBAR form will result a punitive charge of $100,000 or 50% with the value inside the foreign be the cause of the year not suffered.
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