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.