Can I Wipe Out Tax Debt In A Chapter 7?
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Published date: 01/31/2025
- Location: 1763, Yukon, United States
The IRS has set many tax deductions and benefits secure for people. Unfortunately, some taxpayers who are earning a high level of income can see these benefits phased out as their income climbs.
In 2011, the IRS in conjunction with Congress, decide to possess a more rigorous disclosure policy on foreign incomes containing a new FBAR form that needs more detailed disclosure data. However, the IRS is yet to produce this new FBAR form. There is also an amnesty in place until August 31st 2011 for taxpayers who don't fill form FBAR in past years. Conscientious decisions not to ever fill out the FBAR form will result a punitive charge of $100,000 or 50% for the value in the foreign be the reason for the year not reported.
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