FBAR disclosure questions answered.(Report of Foreign Bank and Financial Accounts)

Journal of Accountancy | July 1, 2009| | Copyright

The IRS answered 30 "frequently asked questions" (FAQs) about its voluntary disclosure and settlement option for previously unreported offshore financial accounts and entities and income from them. The six-month window for making disclosures under the program ends Sept. 23. Although IRS Commissioner Doug Shulman said the program can allow taxpayers to avoid criminal prosecution if they voluntarily report their offshore income, such disclosures, like other taxpayer voluntary disclosures, are screened for eligibility by the IRS' Criminal Investigations division, noted Vernon ...

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