The IRS announced substantial changes to both the Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer…
IRS Streamlined Filing Compliance Procedures Seminar
The Internal Revenue Service announced major changes in its offshore voluntary compliance programs, providing new streamlined filing compliance procedures to help both taxpayers residing overseas and those residing in the United States. The streamlined filing compliance procedures are game changers for affected taxpayers. These changes will provide taxpayers a new option to come into compliance with their U.S. tax obligations. The expanded streamlined procedures are intended for U.S. taxpayers whose failure to disclose their offshore assets are non-willful.
The streamlined filing compliance procedures are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part.