FBAR

The IRS has announced a special voluntary disclosure initiative to return offshore money back into the U.S. tax system and help taxpayers with offshore accounts get compliant. The new initiative is called the 2011 Offshore Voluntary Disclosure Initiative (OVDI) and is similar to the 2009 Offshore...

If you've secretly been holding money offshore and haven't reported it on your taxes, you must do so by Thursday, Oct. 15. That's when the IRS ends its current tax amnesty program, so if you wait any longer, you could face huge fines and jail time. Furthermore, UBS (UBS), Switzerland's largest...

If you've been hiding funds in offshore accounts, you now have until Oct. 15 to apply to the IRS for amnesty and avoid stiffer penalties. That's an additional 22 days from the original deadline of Sept. 23. So far, the amnesty program in 2009 has enticed 3,000 taxpayers to voluntarily admit they...

Stepping up its scrutiny of offshore investing, the IRS demanded that hedge-fund and private-equity investors disclose hundreds of billions of dollars they have invested offshore. This is part of a crack down on questionable use of offshore tax havens, which started with a very public case filed...