Expanded Relief for Voluntary Reporting of Foreign Accounts

IRS offers a carrot and stick to those who fess up about foreign accounts: Expanded relief for non-willful violators. U.S. citizens who reside overseas can come in voluntarily and get all penalties waived no matter how much they owe in taxes. Those who live in the U.X. and filed income tax will face a 5% fine. These easing begin July 1, but can also apply to taxpayers already in the program. But stiffer fines for some will0ful violators who come into the amnesty program. The current 27.5% penalty will rise to 50% starting August 4th, if the financial institution is under investigation.