FBAR Penalties: The IRS Lays Down The Law On Quiet Disclosures

By Jonathan Prokup As part of its current Offshore Voluntary Disclosure Initiative (“OVDI”), the IRS is strongly encouraging taxpayers against making so-called “quiet” disclosures, in which taxpayers file amended tax returns, pay the applicable taxes and interest, and hope that the IRS doesn’t identify them for further investigation.  These disclosures are described as quiet because … Continue reading FBAR Penalties: The IRS Lays Down The Law On Quiet Disclosures