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Yesterday, the IRS announced that it has reopened its Offshore Disclosure Voluntary Program for reporting foreign bank accounts.  The reopened Program is similar to the Program that expired in 2011, but there are some key differences:

• The penalty rate for those exceeding a certain dollar threshold has been increased to 27.5% from 25%
•  Unlike the 2011 Program, the newly-reopened Program does not expire, but the terms of the Program could change at any time, with increased penalties becoming likely as time passes.

The reopened Program comes as the IRS continues working on a wide range of international tax issues and follows ongoing efforts with the Justice Department to pursue criminal prosecution of international tax evasion. 

The attorneys of the Pittsburgh tax law firm Williams Coulson have successfully advised many clients on FBAR matters, including matters related to the reopened Program, and are available to discuss any issues you may have.