Due Diligence
Posts Tagged Maine FBAR lawyer
FBAR Penalties
by Brian Mahany A reader of our blog recently asked for a simple to understand summary of the penalties for failing to file a Report of Foreign Bank and Financial Accounts, more commonly referred to as an FBAR. Foreign bank and brokerage accounts must be reported annually on an FBAR form, TD-90-22.1. This report must [...]
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OVDP Penalties – 27.5%? 12.5%? 5%?
by Brian Mahany Folks not familiar with the current IRS tax amnesty program for unreported offshore accounts are often confused about how much in penalties will be collected if they successfully enter the program. Assuming one qualifies, the program has a three tiered penalty system. Before discussing the penalties, some history of the program is [...]
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