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Tax News You Can Use . . .
Remember to Report Certain Foreign Bank and Financial Accounts by June 30 to the IRS
With globalization, more people in the U.S. have foreign financial accounts. "There are responsibilities that go along with owning such foreign bank and financial accounts," said IRS Commissioner Doug Shulman. "Foreign account owners must remember that they may have to report their accounts to the government, even if the accounts do not generate any taxable income."
