For Taxpayers With Unreported Foreign Bank Accounts and Entities
U.S. citizens who have foreign financial interest are required to report foreign financial accounts to the IRS on annual basis by filing Form TD 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”). The failure to timely file an FBAR may result is severe civil and criminal penalties under both the Bank Secrecy Act and the Internal Revenue Code. Furthermore, the Foreign Account Tax Compliance Act of 2010 (FATCA) places furthered pressure on taxpayers to disclose foreign financial accounts because FATCA requires foreign financial institutions to make disclose data about U.S. taxpayer account holders to the IRS. In January of 2012 the IRS enacted the third in a series of voluntary disclosure programs, known as the Offshore Voluntary Disclosure Program (OVDP). Under the OVDP taxpayers with foreign financial accounts may disclose the information to the IRS in exchange for waiver of some penalties and criminal prosecution. Unlike previously offered voluntary disclosure programs the 2012 voluntary disclosure program is open for an indefinite period of time.
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Sanford I. Millar is the founder of MillarLaw a Professional Corporation. He is a Certified Specialist in Taxation Law and is admitted to practice before all courts in the State of California. Mr. Millar has received the highest rating by Martindale-Hubbell Law Directory and has been named a Southern California Super Lawyer from 2006 – 2017.
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