Stop hiding money offshore, IRS warns tax cheats

In addition, a new set of reporting rules are being phased in under the Foreign Account Tax Compliance Act that will require many foreign financial institutions to report accounts held by U.S. citizens to the IRS. It’s similar to the way your bank here might send a 1099-INT form to the agency, reporting the interest income you earned, or your employer sending the IRS your W-2 at tax time.

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