The Financial Crimes Enforcement Network recently announced the inflation-adjusted penalty amounts for a failure to report an interest in a foreign financial account. This is done by filing a Report of Foreign Bank and Financial Accounts (FBAR). This article discusses the terminology used in FBARs and reveals the updated penalty amounts.
New IRS FAQ addresses offers in compromise and Section 965
The IRS has added a frequently asked question (FAQ) to its offer in compromise (OIC) web page. The question concerns taxpayers who have agreed to an OIC and own an S corporation that owns a deferred foreign income corporation. This article provides background on Section 965, S corporations and OICs, and then describes the content of the new FAQ.
Guidance for central withholding agreements affected by COVID-19
The IRS has provided guidance for nonresident alien taxpayers with central withholding agreements (CWAs) impacted by events canceled because of coronavirus (COVID-19). This brief article provides an overview.