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Pepperdine University School of Law

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Wednesday, November 24, 2010

IRS Increases Scrutiny of Taxpayers With Foreign Assets

TIGTA The Treasury Inspector General for Tax Administration today released New Legislation Could Affect Filers of the Report of Foreign Bank and Financial Accounts, but Potential Issues Are Being Addressed (2010-30-125):

[T]he number of FBAR-related examinations increased 96 percent (from 334 to 656) from Fiscal Year (FY) 2004 to FY 2009. In addition, the number of FBAR penalty assessments grew from $4.2 million to $20.5 million, an increase of 388 % over the same period, while FBAR penalty collections grew from $1.8 million to $9.8 million, an increase of 444%. The IRS, in collaboration with the Department of the Treasury’s Financial Crimes Enforcement Network, has also revised the FBAR form and instructions and conducted education and outreach efforts on the filing of FBARs.

http://taxprof.typepad.com/taxprof_blog/2010/11/irs-increases-.html

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