Quiet/Soft Disclosure: IRS Crackdown Audits And Penalties

Tens of thousands of taxpayers and tax professionals decided to ignore warnings by the IRS and created a reporting scheme often called soft or quiet disclosure. This is done by amending past tax returns and filing delinquent tax FBARs without participating in the Offshore Voluntary Disclosure …

IRS FBAR News: June 2013 OVDP Update Video


With all the FBAR news coming out, I thought it would be a good idea to do a quick video to go over some of the bigger FBAR OVDP news developments.


In this video I :

(1) give a quick overview the FBAR form and its filing requirements

(2) describe the IRS crackdown on so-called soft or quiet disclosures
(3) report on news that the IRS has made no efforts to educate expatriate or recent immigrants, dual citizen, resident aliens, and VISA holders,
(4) mention FBAR education resources for tax payers, tax professionals and estate planning attorneys, and
(5) explain why many CPAs and attorneys have stopped dabbling in OVDI cases, and

(6)  advise those who filed under the 2009 that they have a limited amount of time to claim a penalty reduction.

Read more

Offer In Compromise Acceptance Rate: What Percentage Gets In?

It’s a reasonable question. There are several reasons that someone might be wondering what the Offer in Compromise Acceptance Rate is. Maybe you submitted an OIC, it’s been a while since you’ve heard anything about it, and you’re wondering if you actually have a real shot at getting your offer …

IRS Policy Shifts: Are Expats Targeted Like The Tea Party?

Here is a letter regarding IRS policy shifts from Jackie Bugnion, director of American Citizens Abroad: To the Editor: In his article, “The IRS Is in Big Trouble,” Tax Notes (no link, paywall), May 20, 2013, p. 951 , Christopher Bergin stated that the scandal surrounding the treatment of …

Bitcoin Under Attack

 Bitcoin is under attack, but why? What’s in it for the government? Billions. It’s no secret that those of us over here @IRSMedic World HQ like to talk about things like bitcoin.  We’ve written about how users of the digital currency might be required to …

Soft Disclosures Crackdown

The IRS used the 2009 Offshore Voluntary Disclosure Program (OVDP) data to identify bank names and account locations to find additional noncompliance. The intent of the IRS was to gather information on…

OVDP Accountability: The GAO Report To Congress

The United States Government Accountability Office (GAO), an independent entity that exists to audit, evaluate, and investigate federal government activities to support Congress) has just released a report to Congress on offshore tax evasion and its findings regarding on OVDP accountability for …


What should you do if you are one of the 24,000 HSBC bank account holders who has not disclosed foreign accounts?
In unsettling news for US persons who have not disclosed the existence of foreign accounts to the IRS, Herve Falciani, an IT worker at HSBC’s Geneva branch, stole the names of 24,000 HSBC …