IRS - FBAR / OVDI / Opt- Out?
May 5th 2012, 9:32 pm
#1
Just Joined
Thread Starter
Joined: May 2012
Posts: 1
IRS - FBAR / OVDI / Opt- Out?
I am participating in OVDI and planning to Opt out - any one here in the same boat? I am struggling to see if IRS is offering anyone 10% penalty if you opt out.
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Last edited by Bob; May 6th 2012 at 12:11 am. Reason: Given benefit of the doubt that the link wasn't spam...
May 7th 2012, 12:17 pm
#2
Rootbeeraholic
Joined: Aug 2009
Location: Houston, Tx
Posts: 2,280
Re: IRS - FBAR / OVDI / Opt- Out?
I wouldn't count on the IRS being kind...
I entered the VDP as it was in 2009. I had not wilfully avoided filing, I had just never lived in the States and was unaware of the reporting requirement.
In my case, I got fined per account per year, they at least did not fine me 20% of my largest balance, but it was still a fair amount of money.
You probably want to seek legal advice on this as there are many complexities involved including the amounts, potential fine and whether non-filing was willful or not.
I entered the VDP as it was in 2009. I had not wilfully avoided filing, I had just never lived in the States and was unaware of the reporting requirement.
In my case, I got fined per account per year, they at least did not fine me 20% of my largest balance, but it was still a fair amount of money.
You probably want to seek legal advice on this as there are many complexities involved including the amounts, potential fine and whether non-filing was willful or not.
