Beginning this year, reporting for the 2016 calendar year, the due date for filing Foreign Bank Account Reports (FBAR) changes from June 30th (which applied to all the previous tax years) to the same filing deadline as individual income tax returns, April 15.
According to the new data, 55,800 taxpayers have come into the Offshore Voluntary Disclosure Program (OVDP) to resolve their tax obligations, paying more than $9.9 billion in taxes, interest and penalties since 2009.
IRS Searches for U.S. Taxpayers With Secret Accounts at Belize Banks
In a recent case, the government prosecuted two tax return preparers with offices located in California, Maryland and New York, for assisting wealth clients to hide millions of dollars in Israeli Banks.
Foreign Banks Continue Cooperation with DOJ