Tag Archives: Voluntary Disclosure

FBAR Penalties Now Adjusted for Inflation: Abatement/Mitigation Still Possible

If you haven’t filed your Report of Foreign Bank and Financial Accounts (FBARs) on a timely basis, you could be at risk of a higher civil penalty assessment. Inflation-adjusted FBAR penalties are now in effect. New FBAR Civil Penalties Framework The statutory civil penalties most people are familiar with, and as reflected ...

The Power of Voluntary Taxpayer Disclosure

Today the Boston Globe reported that PTC, Inc. (“PTC”) voluntarily disclosed that its Chinese subsidiaries allegedly provided about $1.5 million in bribes to foreign officials over a period of five years (from 2006 through 2011) in violation of the United States Foreign Corrupt Practices Act. PTC is a publicly held ...

State Voluntary Taxpayer Disclosure Programs: An Overview

State Voluntary Disclosure Programs: An Overview[1]

By Attorney Morris N. Robinson, CPA, LLM[2]

What is Voluntary Disclosure? Most state departments of revenue[3] allow certain categories of noncompliant taxpayers to come forward voluntarily and pay taxes accrued during a limited lookback period.[4] Taxpayers ...

Jerry Lucente Speaks

Jerry Lucente is a Small Business/Self Employed Territory Manager with the North Atlantic Region of IRS, which includes the six New England states, New York and New Jersey. He is responsible for four groups at IRS that comprise about 100 employees. On Tuesday, December 15, 2015, Jerry spoke informally at ...