Addition of Pinter Bank Swells List of Foreign Banks To Which Enhanced OffShore Penalty Applies to Fifteen
Most U.S. taxpayers who enter the IRS Offshore Voluntary Disclosure Program must pay an offshore penalty equal to 27.5 percent of the highest year’s aggregate balance of their offshore accounts during an eight-year look-back period. On August 4, 2014, the IRS increased this penalty from 27.5% to 50% if the following conditions exist: (1) At the […]