There is an Internal Revenue Service program that permits United States individuals, who have innocently and unknowingly not reported their foreign bank deposits, to report those deposits at a much reduced penalty than the penalty applicable to the willful violators.
American citizens and residents often have placed funds in “foreign bank accounts” in banks all over the world. There is a requirement that all of these foreign bank accounts be reported to the United States on an annual basis and…
Question 1 Will a taxpayer qualify for the Streamline Program if they are under examination? a) Yes b) No c) They will qualify unless they are under criminal examination Question 2 Can a U.S. Taxpayer who is living in the…
How do I request pre clearance before I submit any offshore voluntary disclosure to the IRS? For the OVDP, pre clearance may be requested as follows: 1. Taxpayers or representatives send a facsimile to the IRS – Criminal Investigation Lead…
The IRS has established three separate programs under which the American taxpayer can now report foreign bank deposits that have been unreported in the past. The determination of which of the three relief programs offered by the IRS, is the…
There are several new laws in place to implement the reporting of these foreign bank accounts and to permit U.S. taxpayers to “clear the record” in the event they have not reported these accounts in the past.
Here are frequently asked questions about the IRS changes to the Offshore Bank and Foreign Asset Disclosure Programs. Question 1. Will a taxpayer qualify for either of the Streamline Program or the Offshore Voluntary Disclosure Program that permits Taxpayers to…
New U.S. tax laws require strict reporting of foreign assets and establish a new program granting Amnesty from criminal tax prosecution for offshore delinquent taxpayers. The United States has finally caught up with the Global world when it comes to taxation. Three new laws are now in place to insure, as much as possible, that individual Americans and resident aliens will pay tax on their worldwide income.
Posted in Domestic Taxation
, IRS Amnesty, OVDP, Bank Deposits, Foreign Assets, Streamlined Compliance
, Settling with the IRS
Tagged with: Amnesty
, Amnesty Documents
, Amnesty Eligibility
, Amnesty Not Available
, Amnesty Program Modifications
, Cost of Amnesty
, Notice of Qualification for Amnesty
, Tangible Asset Reporting
, Undisclosed Foreign Account
, Undisclosed Foreign Accounts