Steve Schneider, at Goulston & Storrs writes about newly issued IRS Internal FBAR Penalty Guidance.  His post begins as follows:

Shortly before the annual June 30 FBAR filing deadline, the IRS issued penalty guidance for those that miss the foreign bank account reporting deadline. The purpose of the new penalty guidance is to improve the IRS’s administration and application of FBAR penalties. The guidance is immediately effective for all open cases.

Read full post at: IRS Issues Internal FBAR Penalty Guidance To Ensure Consistency | Tax Law Roundup

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.