The IRS has set many tax deductions and benefits in their place for taxpayers. Unfortunately, some taxpayers who bring home a great deal of income can see these benefits phased out as their income ascends. In 2011, the IRS in conjunction with Congress, are determined to have a more rigorous disclosure policy on foreign incomes including a new FBAR form that needs more detailed disclosure details. However, the IRS is yet to push out this new FBAR manner. There is also an amnesty in place until...

The IRS has set many tax deductions and benefits in their place for taxpayers. Unfortunately, some taxpayers who bring home a great deal of income can see these benefits phased out as their income ascends. In 2011, the IRS in conjunction with Congress, are determined to have a more rigorous disclosure policy on foreign incomes including a new FBAR form that needs more detailed disclosure details. However, the IRS is yet to push out this new FBAR manner. There is also an amnesty in place until...