IRS will not impose penalties on delinquent Foreign Bank Account Reports

The IRS is in the process of cracking down on offshore activities and, as part of this process, is encouraging voluntary disclosures from taxpayers who have offshore accounts. By offering avoidance of penalties and elimination of the risk of criminal prosecution, the IRS hopes to entice taxpayers to come clean regarding offshore activity.

For taxpayers who have chosen to make voluntary disclosures to the IRS but who have failed to file the required Form 90.22-1, Report of Foreign Bank Accounts over the years for which the disclosures are being made, the IRS has announced it will relieve penalties for late filings.

In order to avoid the penalty for failure to file a Form 90.22-1, the IRS asks that delinquent forms be filed by September 23, 2009. Copies of related tax returns must accompany the foreign bank account forms, as well as explanations stating why the reports are being filed late.

Delinquent Forms 90.22-1 should be mailed to:

Internal Revenue Service
11501 Roosevelt Blvd.
South Bldg., Room 2002
Philadelphia, PA 19154
Attn: Charlie Judge, Offshore Unit, DP S-611

You may like these other stories...

The IRS cautions freelancers and other self-employed individuals to stay on top of the deadlines for filing federal tax returns and the due dates for making payments. Miss just one, says the IRS, and it might exact a sizable...
Bipartisan Cooperation on Tax Refund FraudAs noted in Politico, Senators Wyden and Hatch have introduced a tax refund fraud bill. According to a summary from Senator Hatch's office, the bill would enhance "the...
Camp Hopes Estate Tax Will Be on Its Way OutAn article in Bloomberg said that Republicans are considering voting this year to repeal the U.S. estate tax, according to House Ways and Means Chairman Dave Camp (R.-Mich.). He...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.