IRS Program May Offer Penalty Relief For Missed FBARs, Cross-Border Forms

Multinational taxpayers that missed filing reports of their foreign bank accounts and other key cross-border tax information forms may be able to avoid penalties under an Internal Revenue Service program allowing taxpayers to catch up on their offshore disclosures, practitioners said.

These taxpayers may be eligible for relief under a set of frequently asked questions and answers issued as part of the IRS’s Offshore Voluntary Disclosure Initiative (OVDI), according to both Joseph Calianno, partner and international technical tax practice leader at Grant Thornton LLP, and Jeffrey Korenblatt, a partner at Reed Smith LLP.

Speaking on an Oct. 23 webinar sponsored ...