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    In an increasingly connected economy, it’s important that private citizens and business owners tread carefully with tax implications both at home and abroad.

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    Each year, the deadline for filing your taxes (usually April 15) sneaks up on many people, who end up missing it. So, you missed the deadline — now what?

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    To avoid penalties, a U.S. person with offshore assets will have to disclose those assets and the related income to the IRS, as well as pay taxes on foreign income.

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