Tag Archives: report of foreign bank and financial accounts

IRS Is Closing Offshore Voluntary Disclosure Program; Deadline of September 28, 2018

by Attorney Patricia Weisgerber, Esq. The IRS announced it will be closing its Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018. The news follows a significant decrease in taxpayer participation in the program, coupled with advances in third-party reporting of offshore account information and increased awareness of reporting obligations. All submissions ...

Wire Transfer Audits and FATCA: What Every Taxpayer Needs to Know

Wire Transfer Audits and FATCA

What Every Taxpayer Needs to Know

by Attorney Morris N. Robinson, CPA, LLM

February 19, 2018


FATCA: The Foreign Account Tax Compliance Act[1] was signed into law by President Obama on March 18, 2010. There ...

Update on IRS Treatment of Civil FBAR Penalties: A Move Toward Fairness

Recently, the IRS released an internal memorandum to employees providing interim guidance on FBAR (Report of Foreign Bank and Financial Accounts) penalties. It reminds IRS examiners that when they assert FBAR penalties, the penalty amounts established under Title 31 are maximum penalty amounts. The memorandum also emphasizes the point that ...