Foreign Financial Accounts

27 Pages Posted: 8 Mar 2012 Last revised: 16 May 2012

Date Written: March 7, 2012

Abstract

This article discusses the current status of the IRS's foreign financial account initiative. The article discusses: (i) The FBAR reporting regime and the recently enacted IRC counterpart in Section 6038D; and (ii) Voluntary Disclosure generally and with respect to foreign financial accounts in the IRS OVDP and OVDI initiatives.

Keywords: FBAR, Voluntary Disclosure, OVDP, OVDI

JEL Classification: H26, H34

Suggested Citation

Townsend, John A., Foreign Financial Accounts (March 7, 2012). Available at SSRN: https://ssrn.com/abstract=2017917 or http://dx.doi.org/10.2139/ssrn.2017917

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