Wednesday, March 21, 2018

FBAR Civil Penalty Items (3/21/18)

Items of interest to FBAR fans:
  • First, FinCEN has updated the inflation adjustment for the FBAR civil penalties stated in $ amounts.   See Inflation Adjustment of Civil Monetary Penalties (Final Rule Adopted 3/18/18),  revising Table 1 of § 1010.821—Penalty Adjustment and Table, here):  Those adjustments are 

Amount as Inflation Adjusted
Nonwillful Penalty Maximum (§ 5321(a)(5)(B)(i))
Willful Penalty Minimum (§ 5321(a)(5)(C)(i)(1)

  • The National Taxpayer Advocate posted the following article on her blog:  Analysis of Tax Settlement Programs as Amnesties - When Should the Government Offer Them and How Should They Be Structured? (Part 1 of 3) (NTA Blog 3/14/18), here.  This first installment addresses the general effect of tax and tax-related amnesties.  The blog indicates: "Next week we will apply what we’ve learned about amnesties to the IRS’s OVDP.."

No comments:

Post a Comment

Please make sure that your comment is relevant to the blog entry. For those regular commenters on the blog who otherwise do not want to identify by name, readers would find it helpful if you would choose a unique anonymous indentifier other than just Anonymous. This will help readers identify other comments from a trusted source, so to speak.