Soon after my vacation leave from Dubai on June 8th, the IRS announced new procedures that will help many Americans with overseas accounts and assets. Many of you may already know that the IRS sent the good news on June 18th by announcing far more practical methods of achieving tax compliance for US persons with regard to their offshore accounts or assets. I am still away from Dubai on vacation but wanted to alert my readers of the new developments.
While the new “Streamlined” procedures may sound somewhat simple, I caution readers to be very careful and to obtain sound advice with regard to using these new “Streamlined” procedures. Read more