IRS Announces New Rules for FBAR Penalties
There are two types of penalties applicable to FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) (FBARs): (1) Non-Willful and (2) Willful. The penalties are theoretically assessed per account and not per FBAR; however, in practice, our firm
IRS Official Announces New Focus on Offshore Assets in Indian Banks
Reporting on a California State Bar Tax Section Meeting, Tax Notes reports that the IRS will soon (as early as the week of 11/11/13) ) “begin examining U.S. taxpayers suspected of holding undeclared accounts in Indian banks, according to Nicholas
Search
Categories
Recent Posts
- Are Trusts Required to Report under the Corporate Transparency Act (CTA)? February 10, 2024
- Is First-Time Abatement Applicable In International Penalty Cases? January 26, 2024
- National Taxpayer Advocate calls IRS Penalties Draconian and Inefficient January 19, 2024
- Crypto is not = Cash currency for IRS reporting January 17, 2024
- Interesting 2023 Foreign Account Cases January 17, 2024
- Fantastic Recommendations for Form 3520 January 15, 2024
- The New IRS ERC Voluntary Disclosure Program January 10, 2024
- AICPA Makes Useful Recommendations For International Forms 3520/3520 January 2, 2024
- New IRS Voluntary Disclosure Program lets employers who received questionable Employee Retention Credits pay them back December 24, 2023
- Parag Patel Esq. Speaks at NJCPA Seminar on”Employee Retention Credit Audit Issues: Surviving IRS Scrutiny” December 20, 2023
- The IRS’s First-Time Abatement (FTA) Penalty Waiver December 19, 2023
- Parag Patel Esq. Speaks at NJCPA Seminar on”The Corporate Transparency Act: What You Need To Know” December 16, 2023