Foreign Accounts Compliance Update
Posted on: April 22, 2019 | By: Stephen Dunn | Bank Secrecy Act, Delinquent FBAR Submission Procedures, Delinquent International Information Return Submission Procedures, Draconian FBAR Penalty, FBARs, Foreign Accounts Compliance, Penalties for Noncompliance, Statute of Limitations, Streamlined Procedures, The FBAR Filing Requirement, Voluntary Disclosures
Under the Bank Secrecy Act, a U.S. person with foreign account balances aggregating more than $10,000 at any time during a calendar year must file a FinCEN Form...
A Fond Adieu to OVDP
Posted on: March 17, 2018 | By: Stephen Dunn | Delinquent FBAR Submission Procedures, Delinquent International Information Return Submission Procedures, OVDP, Penalties for Noncompliance, Streamlined Procedures
The Internal Revenue Service recently announced that it is closing its Offshore Voluntary Disclosure Program, effective September 28, 2018. This is a positive development. Proceeding under the OVDP...