News & Analysis as of

Foreign Bank Account Report Compliance Tax Evasion

Offshore Tax Enforcement Update: IRS Unveils Major Changes to Voluntary Disclosure Program

by Blank Rome LLP on

Since the 1970s, U.S. taxpayers with foreign banks accounts have been required to annually report their foreign bank account information to the Department of Treasury on a Report of Foreign Bank and Financial Accounts...more

IRS Commissioner Hints That OVDP Modifications Are in the Works

by Blank Rome LLP on

Since 2009, the Internal Revenue Service has offered three different amnesty programs for taxpayers with undeclared foreign bank accounts. These programs, the current version of which is entitled the Offshore Voluntary...more

FBAR Penalty to Face Excessive Fines Clause Test

by Blank Rome LLP on

Last week, a federal jury in Miami found that Carl Zwerner had willfully failed to disclose his foreign bank account to the Treasury Department for calendar years 2004, 2005 and 2006. Zwerner now potentially owes the United...more

IRS Unveils New Compliance Program

by Holland & Knight LLP on

According to the Miriam Webster dictionary, credibility is defined as "the quality or power of inspiring belief." When IRS Commissioner John Koskinen took office, one of his many roles involved trying to restore the integrity...more

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Cybersecurity

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