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Glen E. Frost

Attorney at Law *
Certified Public Accountant **
Master of Laws in Taxation

10480 Little Patuxent Pkwy, Ste. 400
Columbia, MD 21044
Every Tax Problem has a Solution
Phone:  (410) 497-5947

Fax:      (888) 235-8405
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2012 Offshore Voluntary Disclosure Initiative Announced (FBAR Compliance)

01/10/12

Permalink 01:59:31 pm, by admin Email , 171 words   English (US) latin1
Categories: News

2012 Offshore Voluntary Disclosure Initiative Announced (FBAR Compliance)

Link: http://www.irs.gov/newsroom/article/0,,id=252162,00.html?portlet=108

 

The IRS has announced that it is extending the Offshore Voluntary Disclosure Initiative Program ("OVDI") into 2012.  This extension is due to the sucess of the last 2 programs, which brought a significant number of taxpayers into compliance with their reporting obligations.

 

Any United States person, living in the U.S. or abroad, who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year must file a FBAR Form.  A FBAR is a Report of Foreign Bank and Financial Accounts and is filed using  Form TD F 90-22.1.

 

The OVDI program allows for decreased penalties for taxpayers who have been delinquent in filing these forms each year and failing to report any associated income.  Moreover, the OVDI program is in place to give taxpayers a "fresh start" and for them to be able to avoid criminal prosecution.

 

See the attached article or call my firm for more details.

* Licensed to practice in Maryland, Florida, and the District of Columbia. May represent taxpayers nationwide in IRS disputes.
** Licensed in Maryland

10480 Little Patuxent Pkwy, Ste. 400
Columbia, MD 21044
(410) 497-5947
© 2011 Glen E. Frost