Tax
Feb. 26, 2011
Partial Offshore Tax Amnesty — Voluntary Disclosure 2.0
Penalties U.S. taxpayers should know about if they fail to file a foreign bank account report. By Dennis Brager of Brager Tax Law Group APC.
Earlier this month, the Internal Revenue Service announced a new "Offshore Voluntary Disclosure Initiative" for those who failed to file foreign bank account reports (FBAR). It is the successor to the IRS' previous offshore disclosure program, which ended on Oct. 15, 2009, and is intended to be less favorable than the earlier program.
Any U.S. citizen or resident who has signatory authority over, or a financial interest i...
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