Tag Archives: ovdp

IRS Issues Guidance on Foreign Bank Account Report / FBAR Penalties

U.S. persons are required to file the FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature authority over foreign accounts. There is a $10,000 civil penalty for the non-willful failure to the file the FBAR. The penalty for the willful failure to file the FBAR […]

Read more ...

Options for Delinquent Prior Year FBARs and U.S. Foreign Reporting Forms 8938, 5471, 8865, 3520, etc.

What do I do if I had unreported offshore assets or foreign accounts for prior years? What is the risk of not filing U.S. foreign reporting forms for prior years? These are questions that U.S. international tax reporting and compliance specialists hear often these days. Surprisingly, the average tax return preparer does not have specialized […]

Read more ...

Foreign Bank Account Disclosure Program (OVDP) Changes

IRS commissioner John Koskinen issued an announcement, and the IRS issued a press release, of major changes to its Offshore Voluntary Disclosure Program (OVDP) that will take effect July 1, 2014.  The OVDP was established in 2009 to encourage taxpayers with undisclosed foreign bank and investment accounts to come forward and comply with the reporting […]

Read more ...

View Archives

Blog Authors

Latest Webinar Videos