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GAO to IRS: 'Pursue Quiet Disclosures and First Time FBAR Filers'

Journal of Tax Practice & Procedure, CCH-Wolters Kluwer Publishers, pp. 21-28, June-July 2013

8 Pages Posted: 21 Aug 2013  

Charles P. Rettig

Hochman, Salkin, Rettig, Toscher & Perez, P.C.

Date Written: June 2013

Abstract

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.

Keywords: IRS, FBAR, OVDP, OVDI, offshore, GAO, BSA, Bank Secrecy Act, IRS examination, IRS enforcement, penalties, tax penalties, report

Suggested Citation

Rettig, Charles P., GAO to IRS: 'Pursue Quiet Disclosures and First Time FBAR Filers' (June 2013). Journal of Tax Practice & Procedure, CCH-Wolters Kluwer Publishers, pp. 21-28, June-July 2013. Available at SSRN: https://ssrn.com/abstract=2313256

Charles P. Rettig (Contact Author)

Hochman, Salkin, Rettig, Toscher & Perez, P.C. ( email )

9150 Wilshire Blvd., Suite 300
Beverly Hills, CA 90212
United States

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