IRS Provides Additional Guidance on FBAR, Including Whether to Opt-Out
Yesterday, the IRS posted additional guidance to its Frequently Asked Questions website for the 2011 Disclosure Initiative (http://www.irs.gov/businesses/international/article/0,,id=235699,00.html). The Service announced that the deadline would be extended for taxpayers who attempted to file by August 31, 2011 but were unable to do so (Q&A 25.1) and that the 5% penalty category of taxpayers had been expanded (Q&A 52). In addition, the Service also answered the following:
The attorneys of Williams Coulson have successfully advised several clients on FBAR matters, including matters related to the 2011 Initiative. Please do not hesitate to contact Edward P. Wojnaroski, Jr., Stephen J. Pieklik or Brandon P. Smith to discuss any FBAR issues that you may have.