Follow on Twitter
Follow
RSS Feed
Feed
Tax Trials

Developments in Federal and State Tax Litigation

Brought to you by Asbury Law Firm
  • About
  • Log in
  • Categories
    • Federal
    • State
    • Tax News
  • Tag Archives: FATCA

    IRS Offers New Streamlined Procedures & Reduced Penalties for Foreign Accounts

    Posted on June 25, 2014 by admin

    irs-logo.jpegThe IRS recently revised and updated the 2012 Offshore Voluntary Disclosure Program. The modified program takes effect on July 1, 2014 and provides streamlined procedures and reduced penalties for U.S. taxpayers with foreign bank accounts.

    The new streamlined procedures are available to U.S. taxpayers residing both inside and outside the United States whose failure to disclose offshore assets was non-willful.  The new procedures create an opportunity to disclose unreported accounts under terms (especially reduced penalties) that were not otherwise available under the existing 2012 Offshore Voluntary Disclosure Program.

    The new procedures also provide transition opportunities for certain taxpayers enrolled in the current OVDP program (but who have not yet entered into a closing agreement) and others who have made quiet disclosures.

    The IRS announcement of the modified program can be found here.

    • LinkedIn
    • Twitter
    • Facebook
    • Reddit
    Posted in Federal | Tagged FATCA, FBAR, FinCen, Foreign Asset Reporting, Foreign Bank Account, Foreign Bank Account Reporting, IRS, Offshore Voluntary Disclosure, OVDI, OVDP, OVDP 2014, Quiet Disclosure, Streamlined Filing Compliance

    Recent Posts

    • Altera Again Reversed by the 9th Circuit
    • 9th Circuit Reverses the Tax Court in Altera
    • IRS Extends Filing Deadline for Syndicated Conservation Easement Disclosures for Hurricane Victims
    • Navel Gazing Micro Captive Insurance Company Denied Deductions
    • IRS Extends Disclosure Deadline for Syndicated Conservation Easement Participants
    • IRS marks Syndicated Conservation Easements as Listed Transactions
    • Federal Judge Puts New FLSA Overtime Rules in Timeout
    • IRS Places Micro Captive Insurance Companies under the Microscope

    Subscribe to TaxTrials

    Get the latest news right in your inbox.

    Archives

    • June 2019
    • July 2018
    • October 2017
    • August 2017
    • April 2017
    • December 2016
    • November 2016
    • September 2016
    • August 2016
    • July 2016
    • April 2016
    • March 2016
    • August 2015
    • July 2015
    • May 2015
    • January 2015
    • October 2014
    • September 2014
    • August 2014
    • June 2014
    • May 2014
    • April 2014
    • March 2014
    • February 2014
    • January 2014
    • December 2013
    • October 2013
    • September 2013
    • August 2013
    • July 2013
    • June 2013
    • May 2013
    • April 2013
    • March 2013
    • February 2013
    • January 2013
    • December 2012
    • November 2012
    • October 2012
    • September 2012
    • August 2012
    • July 2012
    • June 2012
    • May 2012
    • April 2012
    • March 2012
    • February 2012
    • January 2012
    • December 2011
    • November 2011
    • October 2011
    • September 2011
    • August 2011
    • July 2011
    • June 2011
    • May 2011
    • April 2011
    • March 2011
    • February 2011
    • January 2011
    • December 2010
    • November 2010
    • October 2010
    • September 2010
    • August 2010
    • July 2010
    • June 2010
    • May 2010
    • April 2010
    • March 2010
    • September 2009
    • May 2009

    Proudly powered by WordPress

    Custom Design by Matthew Design