Foreign Financial Accounts
27 Pages Posted: 8 Mar 2012 Last revised: 16 May 2012
Date Written: March 7, 2012
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: Suggested Citation