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2. Here’s why the IRS would want to audit your taxes - AOL

   www.aol.com/finance/why-irs-want-audit-taxes...

   You must file Form 8938 if the total value of your foreign assets is more than $50,000) for single taxpayers or those married filing jointly) or $100,000 for joint filers on the last day of the ...

3. Foreign Account Tax Compliance Act - Wikipedia

   en.wikipedia.org/wiki/Foreign_Account_Tax...

   The Foreign Account Tax Compliance Act (FATCA) is a 2010 U.S. federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report such assets and identities of such persons to the United States Department of ...

4. 5 red flags that can trigger a tax audit from the IRS - AOL

   www.aol.com/finance/5-red-flags-trigger-tax...

   While the overall audit rate for 2018 was 0.6%, the chances of being audited was much higher for high-income earners. Taxpayers reporting income from $500,000 to $1,000,000 were almost twice as ...

5. Bank Secrecy Act - Wikipedia

   en.wikipedia.org/wiki/Bank_Secrecy_Act

   The Bank Secrecy Act of 1970 ( BSA ), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [ 1] Specifically, the act requires financial institutions to keep records of cash purchases ...

6. Taxation of illegal income in the United States - Wikipedia

   en.wikipedia.org/wiki/Taxation_of_illegal_income...

   v. t. e. Taxation of illegal income in the United States arises from the provisions of the Internal Revenue Code, enacted by the U.S. Congress in part for the purpose of taxing net income. [ 1] As such, a person's taxable income will generally be subject to the same federal income tax rules, regardless of whether the income was obtained legally ...

7. I’m an Accountant: Here Are 3 Ways To Prevent a Tax Audit - AOL

   www.aol.com/finance/m-accountant-3-ways-prevent...

   “The law requires overseas banks to identify American asset holders and provide information to the IRS, and individuals are required to report foreign assets worth at least $50,000 on the new ...