FBAR Updates from Parent & Parent LLP

FBAR Updates from Parent & Parent LLP

The FBAR lawyers at IRSMedic Parent & Parent LLP go over important FBAR updates for July 2016. Learn from the nation’s number one IRS disclosure firm the latest changes including: Form 114 /FBAR reporting instructions How to file the FBAR online: Step-by-step guide completed by FBAR attorneys at IRSMedic. The new FBAR deadlines for reporting offshore accounts and assets FBAR audits — penalty updates on unreported foreign bank accounts More LB&I —no longer SB/SE. TIGTA recommended doesn’t apply Offshore credit cards Unfiled returns Not hitting FBARs by themselves 6-year audit review Substantial 25% Hire Act Swiss banks playing ball. All “bad boy” banks playing ball. “We have everyone at UBS.” Hammer waiting? The IRS doesn’t know the rules yet. They are trying to figure things out. Extending S.O.L. that have been run. Why your attorney should be doing their best to educate IRS examiners. Updates on Willful and non willful FBAR penalties in OVDP/OVDI opt-outs Look to mitigation for lower penalty cases Taxpayers continue to be #1 source of information for the IRS. FBAR auditors don’t understand standards of review. “Negligent disregard” http://youtu.be/Czg2LDgiL00 IRS Medic