Page 17 - Voluntary Disclosure Program News Today : Breaking News, Live Updates & Top Stories | Vimarsana

REGISTER NOW Sen. Chuck Grassley, R-Iowa, and Ron Wyden, D-Oregon, who chairs the Senate Finance Committee, introduced a bipartisan bill Tuesday to beef up the Internal Revenue Service’s whistleblower program and protect tax tipsters. The IRS Whistleblower Program Improvement Act includes seven measures to bolster the already successful program, which has brought in over $6 billion from individuals and businesses that were trying to avoid taxes. The bill would provide for “de novo” review in appeals heard by the U.S. Tax Court, permitting new evidence to be admitted to the record, and...

Regularly performing self-audits or risk assessments to locate missed or underreported property assist in early detection and remediation efforts.

Monday, April 5, 2021 Last week the Ninth Circuit issued a win for taxpayers in  US v. Boyd, limiting penalties for non-willful violations of the requirement to file a Report of Foreign Bank and Financial Accounts (FBAR). The FBAR requirement applies to all United States persons with interest in or authority over a foreign financial account where the aggregate value of all such accounts is more than $10,000. Jane Boyd, a United States citizen, was required to file an FBAR due to her multiple bank accounts in the United Kingdom but failed to do so in 2010. After voluntarily disclosi...

Last week the Ninth Circuit issued a win for taxpayers in US v. Boyd, limiting penalties for non-willful violations of the requirement to file a Report of Foreign Bank and Financial...