January 2015

IRS Unveils Updated List of Foreign Financial Institutions Or Facilitators That Trigger 50% Offshore Penalty In OVDP
Listen The IRS recently updated the list of foreign financial institutions that trigger an enhanced penalty in OVDP. While the offshore penalty is generally 27.5% of the highest year’s aggregate balance during an eight year look-back period, to the extent that the taxpayer has an undisclosed foreign financial account with any one of the following banks at the …