2008 Tax Forms
Taxpayers with past due tax returns should file immediately. The penalty for falling out of compliance with tax laws is hefty and the IRS has stepped up efforts to nab cheats.
New legislation in Congress will aid the IRS in finding tax cheats who are hiding money here and abroad. The bill would require foreign financial institutions to report more information to the IRS. Along with this, US based tax advisors will also have to live by new reporting requirements. The goal is to help cut back on the people who are avoiding taxes by keeping money stashed away in foreign banks.
It is thought that the bill will be able to raise approximately $8.5 billion by 2019.
Treasury Secretary Timothy Geithner said, “For too long, individuals have taken advantage of the system by hiding money in accounts overseas, while millions of families and small businesses here at home pay the price. This legislation will reduce the amount of taxes lost through the illegal use of hidden accounts and is the next step in making sure that everyone pays their fair share.”
