- 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
Penalty
|
Statute
|
Amount as Inflation Adjusted
|
Nonwillful Penalty Maximum (§
5321(a)(5)(B)(i))
|
$10,000
|
$12,921
|
Willful Penalty Minimum (§
5321(a)(5)(C)(i)(1)
|
$100,000
|
$129,210
|
- 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.."
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