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Article: FBAR disclosure questions answered.(Report of Foreign Bank and Financial Accounts)
- Article from:
- Journal of Accountancy
- Article date:
- July 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 Jacobs, a CPA who is a member of the AICPA International Tax Technical Resource Panel. Generally, ...