The Internal Revenue Service has opened a new telephone help line for questions about foreign bank account reports.
The IRS FBAR and Title 31 Helpline will connect practitioners and filers, both in the U.S. and abroad, with a team of specially trained technicians, examiners and specialists to answer technical questions about Title 31, also known as the Bank Secrecy Act. They can help taxpayers and tax practitioners with questions related to filing reports on foreign bank accounts. The IRS has been encouraging taxpayers to come forward and report their foreign bank account holdings to avoid stiff penalties.
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