More Swiss and other non-U.S. banks continue to cooperate with the U.S. government under the Foreign Account Tax Compliance Act, and American taxpayers with offshore accounts should be sure to take action now to come into tax compliance. Hesitating could lead to criminal prosecution and heavy civil penalties.
The Connecticut Department of Revenue Services expects taxpayers to be diligent about filing their taxes in full and on time. Unfortunately, individuals, businesses, estates and other taxpayers miss the deadline sometimes, and that can mean a hefty late-filing penalty. It can feel like the tax man is just piling onto your debt -- especially if the mistake wasn't your fault.