You have three main options when it comes to offshore disclosure: Submit the delinquent information returns, which is known as a quiet disclosure. Use the…
How to Avoid FBAR Penalties
penalties: You currently have an FBAR filing requirement. You failed to file FBARs during prior years and want to disclose your non-filing. Non-willful FBAR penalties…
What Penalties Are Assessed Under the New Offshore Disclosure Rules?
The new offshore disclosure framework offers a more flexible penalty structure than the previous Offshore Voluntary Disclosure Program (OVDP). This may benefit some taxpayers, but…
When to Use the Streamlined Procedures or the New Offshore Disclosure Rules
The new offshore disclosure framework has once again provided a disclosure option for taxpayers who wish to protect themselves from criminal liability for their undisclosed…
Foreign Bank Accounts: OVDP and Streamlined Requests
The IRS closed the 2014 Offshore Voluntary Disclosure Program in September of 2018, leaving taxpayers with unreported foreign accounts with fewer disclosure options. In November…