How Likely Is The IRS To Audit Me If I Quietly Disclose My Previously Unreported Offshore Account Pursuant To An Amended Return And A Delinquent FBAR?
It is the most dreaded letter a taxpayer can receive. Dear Taxpayer, Some of the information that you provided to us does not agree with the information we received from other sources. — The Internal Revenue Service You’ve just joined an elite club, one whose initiation ritual is an IRS audit. Unfortunately, you can’t refuse […]
Beyond The FBAR: Other Civil Penalties Lying In Wait For The Unwary Taxpayer With Undisclosed Offshore Assets
With all of the focus on FBAR penalties when it comes to foreign asset reporting, it’s easy to overlook the others, some of which can be just as onerous as the FBAR penalty itself. What other pestilent civil penalties are lying in wait for the unwary taxpayer who decides not to participate in one of the IRS’s […]