On June 18, 2014, the IRS released updated “Frequently Asked Questions and Answers” about the terms of the Offshore Voluntary Disclosure Program (OVDP). The IRS currently has an amnesty program which allows U.S. taxpayers to file delinquent foreign reporting forms and pay tax on unreported income related to offshore accounts and assets. The IRS also has released information regarding the streamlined filing compliance procedures. The new streamlined procedures are designed for taxpayers with a non-willful failure to file U.S. foreign reporting forms, including the FinCEN Form 114 Foreign Bank Account Report.
The streamlined filing compliance procedures allow U.S. taxpayers …read more
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