The Treasury Inspector General for Tax Administration issued a report assessing policies and guidelines concerning information gathered with filings of Report of Foreign
Bank and Financial Accounts (FBAR) and "to determine how the IRS is monitoring and improving compliance with the FBAR filing. The report found a 96% increase in the number of FBAR examinations from 2004 to 2009 and a 388 percent increase in penalties from those examinations.
See "New Legislation Could Affect Filers of the Report of Foreign Bank and Financial Accounts, but Potential Issues are Being Addressed," found at http://www.treas.gov/tigta/auditreports/2010reports/201030125fr.html.
Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.
See "New Legislation Could Affect Filers of the Report of Foreign Bank and Financial Accounts, but Potential Issues are Being Addressed," found at http://www.treas.gov/tigta/auditreports/2010reports/201030125fr.html.
Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.
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