FBARs and not-yet-reported offshore income: penalties and practitioners' issues
This item considers (1) options available for the client that did not disclose under the IRS's voluntary disclosure program, which ended October 15, 2009; (2) practitioners' responsibilities, including tax organizers and engagement letters; and (3) items suspended and/or extended to the Ju...
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| Veröffentlicht in: | The Tax Adviser 2009-12, Vol.40 (12), p.803 |
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| creator | Sullivan, Neil A.J |
| description | This item considers (1) options available for the client that did not disclose under the IRS's voluntary disclosure program, which ended October 15, 2009; (2) practitioners' responsibilities, including tax organizers and engagement letters; and (3) items suspended and/or extended to the June 2010 due date. Is it too late to initiate a voluntary disclosure under the IRS program for unreported offshore income and foreign bank and financial accounts? If a client asks for a recommendation, what are the options? As of this writing, the IRS has released little in the way of new guidance. |
| format | Magazinearticle |
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| fulltext | fulltext |
| identifier | ISSN: 0039-9957 |
| ispartof | The Tax Adviser, 2009-12, Vol.40 (12), p.803 |
| issn | 0039-9957 |
| language | eng |
| recordid | cdi_proquest_reports_194969075 |
| source | Business Source Complete |
| subjects | Accountants Commingled funds Compliance Customer relations Disclosure Disclosure (Taxation) Due diligence Fines & penalties Foreign bank accounts Foreign partnerships Income tax Information returns Laws, regulations and rules Liability insurance Noncitizens Noncompliance Regulation Reporting requirements Task forces Tax consultants Tax penalties Tax regulations |
| title | FBARs and not-yet-reported offshore income: penalties and practitioners' issues |
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