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.
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I.R.S. program granting Amnesty from criminal tax prosecution for offshore delinquent taxpayers
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
“The best rule to follow in the field of tax law is to plan legal matters and obtain precision advice in advance to insure commercial endeavors are completed at minimum tax costs and personal lives are minimally disrupted.” - Richard S. Lehman, Esq.
