GAO to IRS: 'Pursue Quiet Disclosures and First Time FBAR Filers'
Charles P. Rettig
Hochman, Salkin, Rettig, Toscher & Perez, P.C.
Journal of Tax Practice & Procedure, CCH-Wolters Kluwer Publishers, pp. 21-28, June-July 2013
Recently, the Government Accountability Office (GAO) issued a report based on a review of the 2009 IRS Offshore Voluntary Disclosure Program (OVDP). The GAO Report recommended and the IRS agreed that going forward it should (1) use offshore data to identify and educate taxpayers who might not be aware of their reporting requirements; (2) explore options for employing a methodology to more effectively detect and pursue quiet disclosures and implement the best option; and (3) analyze first-time offshore account reporting trends to identify possible attempts to circumvent tax, interest and possibly penalties that might be due and take action to help ensure compliance.
Number of Pages in PDF File: 8
Keywords: IRS, FBAR, OVDP, OVDI, offshore, GAO, BSA, Bank Secrecy Act, IRS examination, IRS enforcement, penalties, tax penalties, reportAccepted Paper Series
Date posted: August 21, 2013
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