TaxConnections

 
 

Options Available For U.S. Taxpayers With Undisclosed Foreign Financial Assets



The implementation of FATCA and the ongoing efforts of the IRS and the Department of Justice to ensure compliance by those with U.S. tax obligations have raised awareness of U.S. tax and information reporting obligations with respect to non-U.S. investments.  Because the circumstances of taxpayers with non-U.S. investments vary widely, the IRS offers the following options for addressing previous failures to comply with U.S. tax and information return obligations with respect to those investments:

  1. Offshore Voluntary Disclosure Program;
    Note: The Offshore Voluntary Disclosure Program (OVDP) is closing. Refer to the OVDP FAQs for an outline of the sunset provisions.
  2. Streamlined Filing Compliance Procedures;
  3. Delinquent FBAR submission procedures; and
  4. Delinquent international information return submission procedures.

The IRS encourages taxpayers to consult with professional tax or legal advisors in determining which option is the most appropriate for them.

TaxConnections Tax Ambassador In Washington D.C. , Tom Kerester Reports On IRS Releases And Publications

Need Further Research On This Topic? Contact Tom Kerester

Avatar

Thomas Kerester

Tom Kerester knows how to connect the dots! Tom is working with TaxConnections to make a difference by getting people involved behind the scenes of the Ways and Means. We will take you on an educational journey through a series of blogs and show you how to get involved in making a difference in the new tax legislative policy under the President Trump Administration.