Rich people in a panic over new IRS rules

Wealthy Americans are ringing up their financial advisors and attorneys in a panic ahead of a looming September 23 IRS deadline to correctly report assets being held offshore.

A United States citizen or resident must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of the accounts in a foreign country exceeds $10,000 at any time during the calendar year. This includes any bank, securities, securities derivatives, along with any savings, checking, deposit, or other account maintained with a financial institution, according to the law firm Nixon Peabody.

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
Inflation Reduction Act of 2022: What it Could Mean for You and Your Taxes
The Inflation Reduction Act passed the House of Representatives and is in route to be signed into law by the President. Check back with the TurboTax blog for more up to date information and to find out when the bill is signed into law and what it means to you.
Read MoreBrought to you byTurboTax.com
Form W-9 - What Is It and How Is It Used?
Form W-9 is a commonly used IRS form for providing necessary information to a person or company that will be making payments to another person or company. One of the most common situations is when someone works as an independent contractor for a business. When you are hired as a contractor for a business or beginning work as a freelancer, you may be asked to complete a W-9 and provide it to the business that will be paying you.
Read MoreBrought to you byTurboTax.com
What to Expect Tax-Wise from Your Summer Job
You won't know what to expect tax-wise from your summer job unless you consider factors other than how much you earn.
Read MoreBrought to you byTurboTax.com
Summer Tax Tips
Smart tax planning happens all year round. Here are four things you can do this summer to improve your standing when tax time rolls around again.
Read MoreBrought to you byTurboTax.com