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Foreign Banking in 2008

Our friend and international tax attorney writes in response to our Mailbag discussion last week on the sense of maintaining foreign bank accounts even if you have no further immediate need for them:

“You might remind readers, Kathleen, that, if they maintain an international bank account containing more than US$10,000, they need to file an FBAR form with the U.S. Treasury and to check the box on Schedule B of their personal tax return each year.”

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