You've never seen IRS penalties like these

April 1, 2015 11:59 AM

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You've never seen IRS penalties like these

Imagine owing up to $600,000 in penalties on, say, a $20,000 bank account simply because you didn't report it to the IRS.

But such a gobsmacking penalty is possible if your account has been held overseas at a non-U.S. financial institution for years and you knowingly never disclosed it to the U.S. government.

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