FBAR Compliance and Disclosure

March 26, 2020
IRS building

Treasury Secretary Indicates That High-Earnings Individuals Are in IRS Crosshairs

In comments made to lawmakers in the House of Representatives earlier this month, Treasury Secretary Steven Mnuchin indicated that the IRS would be ramping up enforcement […]
March 13, 2020
Photo by Doran Erickson on Unsplash

Treasury Excepts Reporting for Interests in Certain Tax-Favored Retirement and Non-Retirement Savings Trusts in Revenue Procedure 2020-17

Last week, the Treasury Department released Revenue Procedure 2020-17, which provided taxpayers guidance regarding information filing requirements related to certain tax-favored foreign retirement trusts and certain […]
February 27, 2020

Another Swiss Bank Admits to Tax Evasion, Putting More U.S. Account Holders at Risk

Under a series of tax laws, intergovernmental agreements (IGAs), and international treaties, such as the Foreign Account Tax Compliance Act (FATCA), offshore banks are obliged to […]
January 26, 2020

Swiss Bank Enters Into Amended Non-Prosecution Agreement With DOJ, Pays Additional $14 Million Fine

According to a Department of Justice press release, Union Bancaire Privée, UBP SA (UBP), a Geneva, Switzerland-based bank recently entered into an amended non-prosecution agreement with […]
November 26, 2019

IRS LB&I Announces Post OVDP Compliance Campaign, Signaling Danger for International Taxpayers

The IRS Large Business and International Division, better known as “LB&I,” is the branch of the IRS focused on taxpayers with significant assets, such as partnerships […]
November 22, 2019

California Businessman Sentenced on Charges Related to Foreign Bank Accounts

The crackdown on Americans with undisclosed foreign bank accounts continues as another prosecution has resulted in a California businessman being sentenced to federal prison for nearly […]