Reporting Foreign Accounts: Treasury Applies the Carrot and the Stick
While the Internal Revenue Service was extending previously granted administrative relief to specified taxpayers with regard to the FBAR filing requirements, another Treasury agency was issuing proposed regulations that expanded several definitions applicable to foreign account reporting. The goal of these changes is to close some enforcement gaps and improve compliance. Tax return preparers are on notice to discuss the presence of these accounts with their clients. To view the full article, please click on the link below.