Taxpayer Advocate Service – 10 Most Serious Problems Encountered by Taxpayers Problem #8: International

Problem #8: INTERNATIONAL – The IRS’s Approach to International InformationReturn Penalties Is Draconian and Inefficient EXPLANATION OF THE PROBLEMU.S. persons who receive money from abroad or who have certain foreign financial interests andcross-border business activities are potentially subject to a wide range of U.S. reportingrequirements. Many of these requirements come with significant penalty exposure when…

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