FBAR Update – recent news
There are very few news or journal articles about the IRS’s FBAR (Foreign Bank Account Reporting) initiative – their Voluntary Disclosure Program (VDP), a controversial and troubled program in which thousands of US taxpayers find themselves.
For the most recent newpaper article on the current status of the program see “Navigating the latest US Tax Maze” from Gulf News (based in UAE) which was published last week on January 29th.
One interesting recent article found on the Forbes website, “FBAR Penalty: One Court Pushes Back Against the IRS,” shows that – even when a taxpayer is hardly the model of good behavior - the penalty process is contentious.
Our website has more recent articles with additional information on both FBAR and the new FATCA (I’ll talk more about this one in future blogs!). If you’re interested click on the “FBAR and FATCA” webpage on the site.