Phil Hodgen, a tax attorney in Pasadena, has been approached by a reporter who is working on a story dealing with the draconian nature of FBAR penalties. From Phil’s post:
A certain large American publication is working on a story on the Voluntary Disclosure Program and how the IRS is treating taxpayers. Your input is needed.
If you are willing to tell your story to the reporter working on this story, please contact me directly. I will pass along your information.
If you are a professional, an individual dealing with the direct or indirect consequences of the FBAR (especially an individual residing outside the United States who is a US citizen), this is something that you should respond to. The FBAR rules are draconian, and the IRS (and Department of the Treasury) have been imposing penalties is a very draconian nature.
Read Phil’s post, and if you think you can provide information, let Phil know. Phil says, “The IRS needs to hear the impact of what they are doing on Americans who have offshore bank accounts but decided–for whatever reason–to not participate…I will help you assure your anonymity in this situation as well.” You can email Phil at phil at hodgen dot com. His post even has his cell number.
Like Phil, my clients have been impacted by this; however, most of my clients have non-interest bearing accounts and have not (to date) been targets of the IRS/Treasury witch hunt.
I’ll be back with more posts next week after the October 15th deadline passes.
Tags: FBAR