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FBAR penalties and bankruptcy

FBAR penalties can be massive. Willful penalties can be as high as 50% of the account value. A question that many people facing this financial threat ask is “are FBAR penalties dischargable in Chapter 7 …

Obamacare penalties and IRS tax debts

Obamacare imposes a penalty on individuals if they don’t carry health insurance and don’t qualify for an exemption. The maximum Obamacare penalty for 2016 is $2085, increasing from $975 in 2015. The IRS is in charge of …

2016 IRS OVDP FAQ updates…not a lot

International tax reporting requirement are constantly evolving, and it’s our job to stay on top of changes that affect our clients. We had been told there were changes made to the Offshore Voluntary Disclosure …

Should I File An Offer In Compromise?

Do you owe the IRS back taxes?  Are confused on whether or not you should file an Offer in Compromise? If so, you’re in good company. On one hand, it may seem like an IRS Revenue Officer or IRS employee is encouraging you to file an Offer in Compromise. On the other hand…

Understanding the IRS OVDP Offshore Penalty

 

The IRS claims that the current Offshore Voluntary Disclosure Program rules present taxpayers faced with a potentially high IRS offshore penalty the chance to disclose their foreign assets voluntarily and accept an  IRS Offshore Penalty of 27.5% or 50% and is intended to be a better option than facing the FBAR penalties themselves. 

 

The IRS offshore penalty is reduced to 5%  for Streamlined filers who live int he US. Meanwhile, expats have a 0% offshore penalty. 

 

What does the Offshore Penalty attach to?

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