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Posts tagged "tax gap"

IRS requires discloure of foreign bank accounts and assets (FBAR)

The IRS and federal government are concerned about the "tax gap," defined as the difference between what a particular taxpayer pays the IRS each year and what he or she should pay. Some estimates calculate the tax gap to be as much as $300 billion dollars annually. The debt crisis has shown the need to close loopholes in the tax code and elsewhere as a means of realizing revenue. To address this, recent laws now require filers in Massachusetts and across the country to report foreign financial assets which exceed $50,000.

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