I feel like Steve Martin in The Jerk. “The new phone books is here! The new phone book is here!” The IRS updated its FAQ for the voluntary disclosure program for offshore bank accounts. You can find the updated foreign bank account amnesty FAQ here (PDF). A previous commenter almost immediately pinged me an email [...]

I just talked to someone at the IRS office in Philadelphia about some voluntary disclosure client matters. I have a pipeline of these things going right now. All the cool kids are turning themselves into the IRS, reporting their offshore bank accounts, and paying their taxes! Anyway, there isn’t much guidance in this area at [...]

The IRS voluntary disclosure program (the FBAR amnesty) for offshore accounts is in full swing. One of the questions that comes up is whether the IRS will negotiate the penalties downward. We appear to have a semi-official, nonbinding answer from a reliable source. IRS Criminal Investigation Division Chief Eileen Mayer appeared at the the May [...]

The IRS FAQ on the foreign bank account amnesty (PDF) is up. There’s something pathetically Old Testament-ish about the way the IRS approaches life. I half expect the IRS to invoke a noisome pestilence upon all those who do not bow down before the Almighty at 1111 Constitution Avenue. (Memo to humans: if you’re in [...]

You have no doubt been hearing a lot about secret bank accounts and the Holy War that the IRS has declared on U.S. taxpayers who have money offshore. So you can understand the amnesty program, here is the IRS memo outlining it. I figured it would be good to put out here so there is [...]