The implementation of the Foreign Account Tax Compliance Act and the ongoing monitoring of U.S. Taxpayers foreign financial assets and accounts by the Financial Crimes Network, United States Treasury and Department of Justice has increased awareness by U.S. Taxpayers concerning U.S. tax and information reporting obligations with respect to non-U.S. investments.
If you have not reported foreign investments, accounts and assets, you may be able to take advantage of one of the Internal Revenue Service’s voluntary disclosure procedures. The old Offshore Voluntary Disclosure Program is closed, but there are several other self-disclosure procedures still being offered by the IRS. Each of these remaining programs have specific guidelines, qualifications and set penalty structures all designed to provide taxpayers with options for addressing previous failures to comply with U.S. tax and information return obligations with respect to foreign investments.
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