Back in 2015 we had blogged about “The Escalation of Offshore Penalties Over the Last 20 Years.” This post explained: “Over the past twenty years, the U.S. has significantly increased the penalties associated with failing to report certain foreign-related transactions, and it has created new filing requirements that have their own associated penalties.” However, the 2015 post had focused on “outbound” information reporting (U.S. persons with foreign activities), such as the FBAR and Forms 3520,... Read more →