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FBAR Extension: 'everybody wins.'

September 22, 2009

The IRS extended the FBAR amnesty deadline to October 15 yesterday. It had been September 23. Federal Tax Crimes blog comments:

I think this will be win-win for the IRS. There will still be plenty of taxpayers who choose not to try to enter the program or, if they try, will be disqualified. The initiative and this extension will thus flush out a lot of tax dollars with relatively little IRS audit / criminal investigative costs, and much of the dollars might have otherwise escaped the IRS's radar screen or willingness to pursue.

I think it will also be win-win for the taxpayers involved. The taxpayers entering the practice and not disqualified will receive a pass on criminal prosecution and will pay taxes, penalties and interest that are far less than might otherwise be the case.

Meanwhile, attorneys everywhere have gotten a little bit of sleep thanks to the extension.