The law, however, is clear about offshore bank accounts, regardless of the value, said Parent. U.S. citizens are required to declare them and report any income that is derived from the account on their income taxes and a separate form goes to the IRS once a year for accounts that exceed $10,000. |
Read the rest of the story HERE:
At www.hartfordbusiness.com
Margaret Bassett passed away August 21, 2011. She was a treasured member of the Opednews.com editorial team for four years.
Margaret Bassett--OEN editor--is an 89-year old, currently living in senior housing, with a lifelong interest in political philosophy. Bachelors from State University of Iowa (1944) and Masters from Roosevelt University (1975) help to unravel important requirements for modern communication. Early introduction to computer science (1966) trumps them. It's payback time. She's been "entitled" so long she hopes to find some good coming off the keyboard into the lives of those who come after her.