{"id":1068,"date":"2014-06-21T10:29:41","date_gmt":"2014-06-21T15:29:41","guid":{"rendered":"http:\/\/www.patellawoffices.com\/blog\/?p=1068"},"modified":"2014-06-21T10:29:41","modified_gmt":"2014-06-21T15:29:41","slug":"50-penalty-for-taxpayers-who-hold-accounts-at-a-bank-under-investigation","status":"publish","type":"post","link":"https:\/\/patellawoffices.com\/blog\/planning-for-tax-minimization\/50-penalty-for-taxpayers-who-hold-accounts-at-a-bank-under-investigation\/","title":{"rendered":"50% Penalty for Taxpayers Who Hold Accounts at a Bank Under Investigation"},"content":{"rendered":"

The Internal Revenue Service announced last week\u00a0changes to its programs for taxpayers with undeclared offshore accounts<\/a>, the latest step in a five-year campaign against such accounts held by U.S. taxpayers. The modifications greatly eased penalties for people who were unaware of tax and disclosure requirements.<\/p>\n

At the same time, the IRS sharply increased the penalty for people in its amnesty program who intended to cheat. For taxpayers who enter the OVDP program after it becomes public that a bank where the taxpayer holds an account is under investigation by the IRS or Department of Justice, the offshore penalty is increased from 27.5% to 50% of the highest balance of the taxpayer\u2019s foreign accounts\/assets during the preceding 8 years.\u00a0 Although the list may grow as FATCA <\/a>is implemented, the current list<\/a> of those banks include:<\/p>\n