10 Red Flags That Could See The IRS Audit You

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5. Assets In Another Country

The IRS takes a very close look at those U.S citizens who have money or assets in offshore accounts, especially located in countries with tax-friendly regulations and laws.

They are allowed to get your financial bank account information from abroad if they think you haven’t paid your taxes on the money you placed in that offshore account.

In fact, some states are actually obligated to give the IRS a list of its American clients. Complete the FinCEN Form 114 if you have more than $10,000 in your account and an IRS Form 8938 for more than $50,000.

You shouldn’t worry if the IRS is still checking your situation they just want to make sure you don’t have higher sums than you declared.

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