Parag Patel Esq. is a speaker this week at a New Jersey Society of Certified…
23 November, 2014
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.
Our firm recently presented seminars to the New Jersey State Society of CPAs on the Streamlined Filing Compliance Procedures. Materials from the seminars can be downloaded here: Game Changer 2
Tags: Asset ProtectionFBAR foreign account offshore accounts ovdi OVDP penalties and interest SDOP SFOP Streamlined Filing Compliance Procedures Streamlined Filing Compliance Procedures and the Offshore Voluntary Disclosure Program
Category: Planning for Tax Minimization