IRS Amnesty Programs

IRS Voluntary Disclosure Programs

Currently, the IRS offers various options for U.S. taxpayers with undisclosed foreign financial assets to come current with their US tax filing obligations. 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;
2. Streamlined Filing Compliance Procedures;
3. Delinquent FBAR submission procedures; and
4. Delinquent international information return submission procedures.

We have firsthand experience dealing with the foreign banks who pushing their American clients to come forward with their US tax reporting. We have extensive experience in helping our clients select the appropriate tax amnesty program suitable to their individual circumstances. Please contact us for a free initial discussion if you have any questions.