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What is one of the most popular mistakes by taxpayers living abroad?

April 26, 2017abroad Living mistakes Popular taxpayers

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What is one of the most popular mistakes by taxpayers living abroad?

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• A. Not reporting your bank accounts abroad. This applies to any person that has a financial interest in, signature authority or other authority over any financial account (s) in a foreign country and the aggregate value of these account(s) exceeds $10,000 at any time during the calendar year. Not reporting can make you subject to civil and criminal penalties, and penalties of up to $100,000.